NY regulator says FGIC cut shows must work fast

NEW YORK, Jan 30 (Reuters) - The New York State Insurance Department said that Fitch's downgrade of bond insurer FGIC shows parties must work fast to resolve the problems of insurers, but added that "solutions depend on the involvedparties reaching agreement."

In a statement, the department said it was continuing to work with interested parties to facilitate private-sector efforts.

Fitch downgraded the credit ratings for FGIC's main unit two notches on Wednesday, making FGIC the second bond insurer to lose its top credit ratings from Fitch. (Reporting by Dan Wilchins)