National Public Finance Guarantee Corporation Comments on Standard & Poor’s Downgrade of National’s Financial Strength Rating
MBIA Inc. (MBI)
US:NYSE Investor Relations:
investor.mbia.com
Company Research
Source: Business Wire
PURCHASE, N.Y.--(BUSINESS WIRE)-- National Public Finance Guarantee Corporation (National), an indirect subsidiary of MBIA Inc. (NYSE:MBI), issued the below statement in response to the decision today by Standard & Poor's Global Ratings (S&P) to downgrade National’s financial strength rating from AA- to A. “S&P’s decision to downgrade National’s financial strength rating is both frustrating and disappointing,” said Bill Fallon, National’s Chief Executive Officer. “We’ve made tremendous progress in growing our new business activity and gaining market share over the past few years while adhering to stringent credit underwriting criteria that incorporate lessons learned from our 44 years of experience as a bond insurance company. Given that S&P had rated National one notch lower than its competitors, National’s progress is all the more noteworthy.” Mr. Fallon added, “Our competitive position within the f
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