Bond insurers face downgrades
Rating agency Moody’s has placed bond insurers MBIA and Ambac Assurance on review for possible downgrade, while Fitch has downgraded Ambac from AAA to AA.
Moody’s says its action on MBIA reflects growing concern about the potential volatility in performance of mortgage and mortgage-related CDO risks, and the implications for MBIA’s risk-adjusted capital adequacy.
“The review of MBIA’s ratings will reassess the firm’s risk and capital positions, in light of the prospect for worsening performance
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