MBIA Misplaces Abdominal aortic aneurysm Evaluation From Foulmart
SAN FRANCISCO — MBIA Inc. lost its AAA rating from Fitch Ratings on Friday. The agency said it downgraded the company’s bond insurance subsidiaries to AA because MBIA is USD 3.4 000 000 000 to USD 3.8 000 000 000 short of the financial resources it needs to maintain a top AAA rating. That includes the USD 2.6 000 000 000 in new capital MBIA raised earlier this year, Fitch noted. The rating outlook is negative. The bond insurer may lose between USD 3.1 000 000 000 and USD 4.9 000 000 000 from guarantees it sold on structured finance collateralized debt obligations, Fitch estimated. “We respectfully disagree with Fitch’s conclusions,” MBIA Chief Financial Officer C. Edward Chaplin said in an statement. “MBIA has a balance sheet that is among the strongest in the industry with over USD 17 000 000 000 in claims-paying resources, and has a high quality insured portfolio, factors that we believe enable MBIA to meet severe economic stress scenarios.” MBIA shares fell 3.6% to USD 13.77 during afternoon trading on Friday.
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