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MBIA Quarterly Net Income Soars

Last month, Standard & Poor's put the company on a negative CreditWatch and dropped its financial strength rating from "AAA" to "AA," while Moody's said MBIA had a negative outlook and dropped the "AA

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Armonk, N.Y.-based MBIA Inc., the holding company for rating-challenged bond insurer MBIA Insurance Corp., reported today that second quarter net income shot up nearly 800 percent.

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