Standard & Poor's yesterday affirmed the "triple-A" financial strength ratings of major bond insurers MBIA Insurance Corp and Ambac Assurance Corp., sending their stocks and the rest of the market on a surge.

The firm said the "triple-A" financial strength rating of Armonk, N.Y.-based MBIA was affirmed and removed from CreditWatch with the outlook now negative.

S&P said MBIA's success in accessing $2.6 billion of additional claims-paying resources is a strong statement of management's ability to address the concerns relating to the capital adequacy of the company and a strong statement by investors of their understanding of MBIA's franchise value and business practices.

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