NEW YORK - Citicorp completed the sale Thursday of CapMAC Holdings Inc., its financial guaranty insurance unit, to an investor group that includes CapMAC's employees, Dillon Read's Saratoga Partners II limited partnership, and members of the William Rockefeller family.
The sale removes about $3 billion in risk-adjusted assets from Citicorp's books. The company said its Tier 1 capital ratio will rise about five basis points as a result of selling CapMAC.
The purchase price was not disclosed.
CapMAC, which sells insurance to issuers of taxable securities, particularly of asset-backed securities, said that major debt rating agencies had reaffirmed the company's triple-A rating.