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FINANCIAL GUARANTY INSURANCE COMPANY'S 'AAA' CLAIMS-PAYING RATING AFFIRMED BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Jan. 4 /PRNewswire/ -- Fitch Investors Service, Inc. affirms Financial Guaranty Insurance Co.'s (FGIC) "AAA" claims paying rating in a new report released today.
 Fitch cites FGIC's continued demonstration of balanced strengths:
 -- Sound management and business strategy that produces consistently superior financial results.
 -- Strict underwriting standards resulting in a high-quality insured book of business.
 -- Sufficient capital resources to pay all insured bondholder claims, even under stress tests simulating extreme economic depressions.
 -- Criteria that permit investments only in U.S. government and high-quality bonds and notes.
 -- Ownership by GE Capital, a well capitalized stable institution with a strong commitment to FGIC's continued success.
 FGIC is a monoline insurance company that guarantees municipal and structured financings. The company has $787 million in qualified statutory capital, backing $126 billion in insured principal and interest, net of reinsurance. Its financial returns are superior, and its five year average return on equity of 15.7 percent leads the industry. FGIC guaranties only securities that would be rated investment grade on their own, and the average rating of its investment portfolio securities is "AA+." Its owner, GE Capital, is also rated "AAA" by Fitch.
 With several new products introduced last year, FGIC is well positioned vis-a-vis its competitors: MBIA, AMBAC, FSA, CapMAC, Capital Guaranty and Connie Lee in 1993. Fitch initially rated FGIC AAA' in September 1991.
 Fitch has announced recently that it will be issuing a report on the asset quality of the bond insurance industry, in which Fitch will rank companies on the safety, liquidity, and yield performance of their investment portfolio. Since bond insurers hold over $7 billion of invested assets, and approximately 60 percent of the industry's revenue comes from investment income (only 40 percent comes from insurance premiums), this report should be of great interest to investors and industry analysts alike. The report is expected to be published in February.
 Copies of the new FGIC report can be obtained by calling 1-800-75FITCH (753-4824).
 /CONTACT: David Litvack, 212-908-0593, or Mark H.S. Cohen, 212-908-0512, both of Fitch/


CO: Financial Guaranty Insurance Co. ST: IN: INS SU: RTG

SM -- NY041 -- 1286 01/04/93 11:42 EST
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Date:Jan 4, 1993
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