UPDATE 2-NY gov downplays deadline in bond insurer talks

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By Joan Gralla

NEW YORK, Feb 19 (Reuters) - New York Gov. Eliot Spitzer is less interested in a specific timetable for devising a plan to help rescue bond insurers than finding a "beneficial private- sector solution," his spokeswoman said on Tuesday.

Last Thursday, the Democratic governor testified to Congress about his efforts to help the bond insurers keep their "AAA" ratings, later telling reporters that a solution "could happen within a couple of days."

Asked about the deadline, Christine Anderson, a spokeswoman for Spitzer, said on Tuesday he had been stressing the matter's urgency.

"We are less interested in a specific timetable than we are about achieving a beneficial private-sector solution," she said.

Spitzer also told reporters in Albany on Tuesday that he was "making good progress" in talks with the U.S. Treasury, the Federal Reserve, and major banks to help embattled bond insurers keep their top "AAA" ratings.

Credit agencies repeatedly have warned the insurers that they could lose their "AAA" ratings unless they raise capital.

But the insurers are solid, Spitzer said, explaining the risk he sees is that any downgrades could force widespread selling because many players can own only top-rated debt.