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Moody's lowers MBIA
Moody's Investors Service said it downgraded to Ba3 from Ba1 the senior debt rating of MBIA, Inc.
The outlook is negative.
According to the agency, the action reflects expected further insured portfolio deterioration at MBIA Insurance Corp. and the uncertainty stemming from ongoing litigation challenging MBIA's recent restructuring
The downgrade of MBIA's senior debt rating to Ba3 reflects the continued severe stress faced by MBIA Insurance as a result of its exposure to asset-backed securities, collateralized debt obligations and residential mortgage-backed securities, the agency said.
The downgrade also reflects the risks stemming from the ongoing litigations on the group's restructuring, Moody's noted.
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