Assured Guarantee and FSA were the last of the credit wrappers to be rated by Fitch. It had already ceased rating Ambac Assurance Corp., MBIA Insurance Corporation, Syncora Guarantee (previously known as XL Capital Assurance) and FGIC.Standard & Poor's is the only rating agency to still assign 'AAA' ratings to Assured Guarantee and FSA. Both have negative outlooks. Moody's rates the pair 'Aa3/Negative'.Ambac Assurance is still rated 'Caa2/Developing' and 'CC/Developing' by Moody's and S&P respectively, but is effectively in wind down mode. S&P noted in December that there remains significant potential for regulatory intervention in the wind down.MBIA was downgraded to 'B3/Negative' from 'Baa1' in February last year by Moody's, as it separated its US municipal bond guarantee business into National Public Finance Guarantee Corporation. Creditors and counterparties subsequently sued MBIA, requesting that the restructuring of the group that led to National's capitalisation with some of MBIA Insurance Corp's resources, be reversed.S&P lowered its rating on the insurer to 'BB+/Negative' in October due to the continuing losses being incurred on the group's structured finance products.Moody's reported in December that Syncora Guarantee and FGIC were both close to insolvency. Moody's still rates Syncora Guarantee 'Ca/Developing' but withdrew its ratings on FGIC in March, after lowering the rating to 'Caa3'. Regulatory authorities instructed FGIC to stop paying claims in November. S&P moved its rating on Syncora Guarantee to 'R', meaning under regulatory supervision, in April 2009 and no longer rates FGIC.