MBIA Downgrade Brings Up Its 'Overlooked' Commercial Exposure

A Standard & Poor's downgrade of bond insurer MBIA Inc. (MBI) to junk level Monday brought a quick reversal to MBIA's recent share-price surge, but analysts called the downgrade unsurprising.

Shares of MBIA recently traded down 4.5% to $7.85, but were still up 45% over the last 30 days, and are up 93% from the beginning of the year, amid a general rise in insurance stocks that have a connection to the mortgage market.

S&P cut MBIA Insurance Corp.'s counterparty credit, financial strength and financial enhancement ratings to BB+ from BBB. The insurer and its holding company remain on negative outlook.

Read Full Article from Wall Street Journal

- Posted: 2009-09-29 14:30:00

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