Capital Re Corp.'s board of directors yesterday declared a regular quarterly cash dividend of 5 cents per common share payable on June 29 to shareholders of record on June 22.

Capital Re Corp. is the holding company for Capital Reinsurance Co. and Capital Mortgage Reinsurance Co.

Capital Reinsurance Co., rated AAA by Standard & Poor's Corp., Moody's Investors Service, and Duff & Phelps Credit Rating Co., reinsures financial guarantees of investment-grade debt obligations.

Capital Mortgage Reinsurance Co., rated AA by Standard & Poor's Corp. and Fitch Investors Service Inc., is a reinsurer dedicated exclusively to the mortgage guaranty insurance industry.

The company's stock closed yesterday on the New York Stock Exchange at 20 1/8, unchanged from Tuesday.

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