Troubled bond insurer MBIA Insurance Corp. got more positive news today when a second rating service said it was confirming the carrier's triple-A financial strength rating in light of its moves to improve its capital position.
Moody's Investors Service said the Armonk, N.Y.-based concern's "Aaa" ratings and its affiliated insurance operating companies were being affirmed with a negative outlook. MBIA was placed on review for downgrade by Moody's on Jan. 23.
Yesterday, Standard & Poor's took the same action on MBIA, which this month saw the return of Joseph W. Brown Jr. as its chief executive. Yesterday, the firm said it will stop paying quarterly dividends for a $174 million yearly saving, and within five years will split its municipal bond business from its structured finance business.
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