It faced significant financial difficulties in 2008 which affected its ability to write new business.
[2][3] As of March 24, 2009, it was rated "CC" by Standard & Poor's (S&P) and "Caa3" by Moody's Investors Service.
[4] On November 24, 2009, it was released that the New York Insurance Department ordered FGIC to suspend payment on all claims due.
[citation needed] The city had previously hired Christie's to estimate the value and worked out a plan with philanthropic groups in Michigan to preserve one of the nation's best art collections.
FGIC would then receive the arena site and an adjacent parking lot, giving the company nearly 9 acres (3.6 ha) that it would then redevelop.