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Bond insurer MBIA was hit today with an announcement from Fitch Ratings that it has placed the firm on rating watch negative, and could downgrade the insurer if it doesn’t get more financing in place.

Fitch said that after a review of the Armonk, N.Y.-based insurer’s exposure to collateralized debt obligations (CDO) backed by subprime mortgage collateral, the rating service found the $30.6 billion exposure falls below a “triple-A” rating by about $1 billion.

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