No one owns munis anymore, do they?
December 20, 2007 05:09 PM Eastern Time
Fitch Places 173,022 MBIA-Insured Issues on Rating Watch Negative
NEW YORK--(BUSINESS WIRE)--Concurrent with its related rating announcement earlier today on MBIA Inc. (MBIA) and its financial guaranty subsidiaries, Fitch Ratings has placed 173,022 bond issues (172,860 municipal, 162 non-municipal) insured by MBIA on Rating Watch Negative.
Fitch placed MBIA's 'AA' long-term rating and 'AAA' insurer financial strength (IFS) rating on Rating Watch Negative following the rating agency's updated assessment into MBIA's current exposure to SF CDOs backed by subprime mortgage collateral and various CDO-squared transactions, as well as MBIA's exposure to RMBS.
A detailed list of the affected municipal bond issues is available on the Fitch Ratings web site at www.fitchratings.com in the 'U.S. Public Finance' sector page under 'Special Reports'.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site. |
