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Article: MOODY'S DOWNGRADES MBIA'S RATING TO A2; OUTLOOK IS NEGATIVE
- Article from:
- Info-Prod Research (Middle East)
- Article date:
- June 22, 2008
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Copyright informationCopyright 2008 Info-Prod Research (Middle East). Provided by ProQuest LLC. (Hide copyright information)
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Moody's Investors Service has downgraded to A2,from Aaa, the
insurance financial strength ratings of MBIA InsuranceCorporation
(MBIA) and its affiliated insurance operating companies. Inthe same
rating action, Moody's also downgraded the surplus note ratingof
MBIA Insurance Corporation to Baa1, from Aa2, and the senior
debtrating of the holding company, MBIA, Inc. (NYSE: MBI) to Baa2,
from Aa3. Today's rating action concludes a review for possible
downgrade that was initiated on June 4, 2008, and reflects MBIA's
limited financialflexibility and impaired franchise, as well as the
substantial riskwithin its portfolio of insured exposures and a
movement toward moreaggressive capital management ...
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