Connie Lee Insurance Co. is warning Congress that it could lose its triple-A rating unless it's allowed to expand beyond the higher education sector, according to Congressional aides familiar with the bond insurer's lobbying effort.

"They said, ~We have concerns that in the long term, our portfolio is very limited and the paper we have to take is such that we may be perceived as a greater risk, and our triple-A rating may be at risk at some point,'" one committee aide who has met with the company said yesterday.

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