NU Online News Service, June 26, 2:33 p.m. EDT

Moody's Investors Service said yesterday it has downgraded the senior debt rating of financial guarantor MBIA and given the Armonk, N.Y.-based firm a negative outlook, based on pending litigation and insured portfolio declines.

MBIA has been sued over its efforts to split off its less risky municipal bond risks into a separate firm.

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