(Reuters) – Standard and Poor's cut its financial strength rating on bond insurer MBIA Insurance Corp. by three notches to CCC from B with a negative outlook, the rating agency said late on Thursday.

The rating agency also cut the financial rating strength of the National Public Finance Guarantee Corp to BB from BBB with a developing rating.

S&P said that MBIA's liquidity position and the capital adequacy position and risk profile of the National Public Finance Guarantee Corp have weakened.

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