Articles Tagged with ''MBIA Insurance Corp.''

MBIA Posts "Phantom Profit" as CDS Spreads Blow Up

In another example of how often arcane accounting standards can obscure reality for everyday investors, besieged monoline insurer MBIA, Inc. [stock MBI][/stock] reported a surprise profit of $1.7 billion, or $7.14 per share, for the second quarter; but the profit was largely the result a $3.3 pre-tax paper gain tied to a substantial widening of credit default swap spreads on MBIA itself during the second quarter.
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MBIA, Ambac Rally on S&P Ratings Affirmation

Beleaguered bond insurers MBIA Insurance Corp. and Ambac Assurance Corp. received some welcome good news Monday from Standard & Poor's, with the rating agency affirming ratings on the two largest monolines. MBIA saw its financial strength rating removed from credit watch and assigned a negative outlook -- meaning a downgrade was less likely; Ambac saw its 'AAA' rating affirmed, although the company remains on credit watch, S&P said.
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