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Article: Moody's Affirms MBIA's Triple-A Rating Despite Recent Wells Notice.
- Article from:
- The Bond Buyer
- Article date:
- August 24, 2005
- Author:
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Moody's Investors Service late Monday affirmed MBIA Insurance Corp.'s Aaa rating and stable outlook following the firm's disclosure last week that the Securities and Exchange Commission may bring an injunctive action related to a retroactive reinsurance transaction for defaulted bonds from a Pittsburgh-based hospital system.
"The prospect that the SEC believes MBIA violated federal securities laws relating to these 1998 reinsurance transactions is certainly a negative development, but the Wells notice itself does not precipitate a change in Moody's view about MBIA's credit," the rating agency said in a statement.
Wells notices by the SEC typically signal ...