A day after Moody's said it would consider downgrading two major bond insurers, Standard & Poor's announced it would lower their insurance financial strength ratings from "triple-A" to "double-A."

The New York-based rating service lowered these ratings for Ambac Assurance Corp. and MBIA Inc. In addition, both companies were placed on rating watch with negative implications.

The holding companies of Ambac and MBIA were also lowered one notch from "double-A" and "double-A-negative" to "single-A" and "single-A-negative," respectively.

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