MBIA releases letter to owners explaining withdrawal from Fitch ratings |
| CNNMoney.com - Mar 10, 2008 |
Monday released a letter to its shareholders explaining that it requested a withdrawal of Fitch Ratings Services' financial strength (IFS) ratings, saying the value of the IFS ratings from Fitch were 'limited at this time,' because every MBIA investor has the 'benefit of transaction-level credit analysis' from either or both Moody's and Standard & Poor's. (NYSE:MHP)
'Of equal importance in today's environment, the impact of even a hint of change in Fitch's IFS ratings for MBIA causes serious volatility in terms of how our company is view in the equity markets, collateralized debt markets and the reputation of our firm,' the Armonk, N.Y.-based bond insurer added.
The company also noted that it has decided to exit the credit derivatives business from its insurance companies and that it has begun to write some business in the new issue market.
Read Full Article from CNNMoney.com
- Posted: 2008-03-10 09:50:28
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