Fitch Rating Service said there will be no change in the rating of MBIA Insurance Corp. or MBIA Inc. after MBIA announced Friday that it received a "Wells Notice" from the Securities & Exchange Commission.
The "triple-A" financial strength rating of MBIA Insurance and "double-A" long-term debt rating of MBIA Inc. remained unchanged, Fitch in New York said. The rating outlook remains stable, Fitch added.
On Friday, MBIA said the Wells Notice concerned the retroactive reinsurance of losses incurred from the Allegheny Health, Education and Research Foundation (AHERF) bonds MBIA guaranteed and entered into excess of loss agreements and quota share agreements with three separate counterparts.
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
