FGIC says has plan to protect is AAA bond rating

NEW YORK, Dec 14 (Reuters) - Bond insurer FGIC Corp said on Friday that it has developed a plan to bolster its capital resources to protect its triple-A rating by Moody's Investor Service.

The parent of Financial Guaranty Insurance Co said that Moody's has placed FGIC's 'Aaa' insurance financial strength rating on review for possible downgrade.

The plan is intended to create an adequate cushion greater than Moody's triple-A capital requirements, as well as those of other rating agencies, Standard & Poor's and Fitch Ratings.

It said Moody's indicated its review would likely conclude over the next few months and that it would likely confirm FGIC's 'Aaa' rating to the extent that FGIC is able to rebuild its capital position and address FGIC's capital adequacy shortfall under its capital models.

However, FGIC said it could give no assurance that the plan will be implemented to the satisfaction of all rating agencies in a timely manner

Moody's also placed FGIC UK Ltd's 'Aaa' insurance financial strength rating and FGIC Corp's 'Aa2' senior unsecured debt rating, on review for possible downgrade, the company said.

FGIC is partly owned by the Blackstone Group (BX.N) and PMI Group Inc (PMI.N) and is the fourth-largest insurer in the municipal bond market. (Reporting by Ilaina Jonas; Editing by Gary Hill)