(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.
The rating agency affirmed the B- rating on parent MBIA Inc, with a negative outlook.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
