MBIA, Ambac insurance off downgrade watch -S&P

Standard & Poor's on Thursday said it is no longer reviewing its ratings on the insurance arms of MBIA Inc (MBI.N: Quote, Profile, Research, Stock Buzz) and Ambac Financial Group (ABK.N: Quote, Profile, Research, Stock Buzz) for downgrade, though it retained a negative outlook on both companies.

The negative outlook on MBIA Insurance Corp and Ambac Assurance Corp mean they still may be downgraded from "AA," the third highest rating, over the next two years.

"We assigned a negative outlook to MBIA due to its significant exposure to domestic nonprime mortgages and related exposures to collateralized debt obligations (CDO) of asset-backed securities (ABS)," S&P said in a statement.

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- Posted: 2008-08-15 09:31:36

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