Moody's Investors Service took away the "triple-A" financial strength rating of bond insurers MBIA Insurance Corp. and Ambac Assurance Corp. yesterday, citing their exposures to the mortgage market.

Concluding a Moody's review that began June 4, the insurance financial strength ratings of MBIA were dropped to "A2" from "Aaa." Ambac was lowered to "Aa3" from "Aaa."

Both firms ratings were dropped June 5 by Standard & Poor's from "triple-A" to "double-A." Earlier this week Ambac asked Fitch to no longer rate it.

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