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MBIA Inc. Responds to S&P Placing National’s Rating on CreditWatch Negative

MBIA (MBI)  More Company Research Source: Business Wire
US:NYSE Investor Relations: investor.mbia.com
PDF PURCHASE, N.Y.--(BUSINESS WIRE)-- MBIA Inc. (NYSE:MBI) (the Company) announced its response to today’s Research Update from Standard & Poor’s Global Ratings, in which it placed the ratings of the Company and National Public Finance Guarantee Corporation (National) on CreditWatch Negative. Bill Fallon, MBIA’s Chief Operating Officer and National’s Chief Executive Officer said, “We are disappointed by S&P’s announcement and do not believe that a rating downgrade of National is warranted. National’s financial strength is evidenced by $1.7 billion of excess capital above our estimate of S&P’s AAA requirement. National has also, in a relatively short period of time, significantly increased its new business activity, as measured both by insured par amount and transaction count, as well as the number of intermediaries who have recommended purchase of National’s guarantees. This market acceptance has been growin [Read more]

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