2013-03-01 — bloomberg.com
The MBIA Inc. (MBI) bond insurance unit created in 2009 to jumpstart the company's municipal-debt guarantee business was cut three levels to junk by Standard & Poor's.
National Public Finance Guarantee Corp. was lowered to BB from BBB with a "developing" outlook, the New York-based ratings company said yesterday in a statement. The MBIA parent company's B- rating, four steps lower than the insurance subsidiary, was affirmed with a negative outlook.
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