MBIA responds to capital questions

Responding to a warning by credit rating agency Moody's Investors Service, bond insurer MBIA Inc. said Thursday it is looking at sources of fresh capital to cover any future shortfalls.

MBIA is 'at greater risk of exhibiting a capital shortfall than previously communicated,' Moody's said Wednesday. Only a month ago, Moody's said MBIA's cushion of cash was unlikely to fall below the credit agency's standards.

The agency said a downgrade of MBIA's rating is now 'somewhat likely.' A decision is due within two weeks.

MBIA said it is taking steps to improve its capital ratios, 'even in the absence of any immediate rating agency requirements.'

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- Posted: 2007-12-06 09:45:13

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