Moody's puts MBIA bond on downgrade review

Moody's Investors Service said it placed on review for downgrade MBIA Inc.'s Caa1 rating on its senior unsecured regular bond.

The agency also said it affirmed MBIA Insurance Corp.'s preferred stock rating at C (hyb), non-cumulative preferred stock at C (hyb) and subordinate surplus notes at C (hyb).

The outlook on MBIA and its subsidiary companies was revised to under review from developing, Moody's added.

The review reflects the precarious financial condition of MBIA and the adverse effect that its weak credit profile and a possible related regulatory action could have on the MBIA group, the agency said.

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