Jacques Rolfo, CEO of CIFG, stated, “I am pleased to note Standard & Poor’s affirmation today of CIFG’s AAA rating.  CIFG’s three triple-A ratings are essential to our business.  S&P also placed a negative outlook on our rating based upon its concerns about corporate governance, relative profitability and the perception of parental support.  We will work diligently and in short order on addressing these concerns, many of which are within the control of our management team and our shareholder.”

“We agree with S&P that, with our continuing development, CIFG can benefit from certain improvements in corporate governance and succession planning, and we will significantly accelerate the plans we had underway to address these issues.  We view these changes as well as their other issues as addressable in the short term and we will keep S&P fully apprised of our progress towards alleviating its concerns.”

We also note and agree with Standard & Poor’s observations that CIFG’s “margin of safety” of 1.4-1.5x is “comfortably” above the required AAA level, its portfolio is “conservative” and its risk-management is “sound.” 

Anthony Orsatelli, Member of Natixis’ Management Board and Chairman of CIFG Holding’s Supervisory Board, said “all market participants who benefit from CIFG’s guaranty should recognize our full and unreserved support for CIFG and the maintenance of its three triple-A ratings.  CIFG is a core element of our wholesale financial services business.  Europe is critical to the future of financial guaranty and Natixis is pleased to be the shareholder of a conservatively-managed, well-capitalized financial guarantor with excellent growth prospects and deep European roots.”

Mr. Orsatelli added “Natixis supports CIFG’s measured pace of development, which is designed to achieve the dual objectives of conservative risk management while increasing return on equity to levels consistent with industry standards.”

A conference call will be held with CIFG management at 10:00 AM EST tomorrow, Friday June 8.  To participate live, please dial:

•            In the US/Canada            +1(877) 301-3929
•            Elsewhere:                         +1(706) 902-3104

To listen to a recording of the call for up to thirty days, please dial:

•            In the US/Canada            +1(800) 642-1687
•            Elsewhere:                         +1(706) 645-9291

The call code is 3854232.

To obtain additional information, please contact

In the US:
•            Thomas Collimore, Director, Head of Investor Relations, at +1 212 909 3952 or t.collimore@cifg.com 

In Europe:
•            Thierry Dissaux, Managing Director, Head of European Business Development, at +33 1 58 55 65 13
             or t.dissaux@cifg.com