Troubled bond insurer sees its debt rating nosedive
Moody's Investors Service on Thursday cut bond insurer MBIA senior debt rating deeper into junk bond status, citing expected portfolio deterioration and litigation, Reuters reports
Moody's cut MBIA's senior debt rating to Ba3, three levels below investment grade, from Ba1, the highest junk rating, and said more cuts are possible.
"These rating actions reflect further expected insured portfolio deterioration at MBIA Insurance Corporation and the uncertainty stemming from ongoing litigation challenging MBIA's recent restructuring," Moody's said in a statement.
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