Moody’s may downgrade MBIA, Ambac on concerns

SAN FRANCISCO (MarketWatch) — Moody’s Investors Service said Wednesday it may
downgrade the Aaa insurance financial strength ratings of MBIA Inc.’s and Ambac
Inc.’s insurance units. Also, Moody’s said it may downgrade Ambac Financial
Group’s Aa3 debt ratings, and the Aa2 surplus note rating of MBIA Insurance Corp.
and the Aa3 ratings of MBIA Inc. The moves reflect Moody’s growing concern that
MBIA’s and Ambac’s credit profile may no longer be consistent with current
ratings given the diminished new business prospects and financial flexibility of
the companies.

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