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Article: MBIA Has Sufficient Cash and Government Securities to Meet All Potential GIC Termination Payment Requirements in the Event of Downgrade.
- Article from:
- Business Wire
- Article date:
- September 22, 2008
CopyrightCOPYRIGHT 2008 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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ARMONK, N.Y. -- MBIA Inc. (NYSE: MBI) today confirmed its previous announcement that as a result of a portfolio rebalancing within its Asset/Liability Management (ALM) portfolio undertaken during the second and third quarters, MBIA has sufficient cash and government securities in its ALM portfolio to fund potential termination payments under its insured Guaranteed Investment Contracts (GICs) in the event of any ratings downgrade of MBIA Insurance Corporation by Moody's Investors Service or Standard & Poor's Ratings Services.
MBIA currently has $18.1 billion in outstanding liabilities related to its ALM business, of which $11.2 billion are GICs. Up to $7.9 billion ...