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13 MBIA Insurance Corp-Backed VRDO Ratings Placed On CreditWatch Negative Feb 09
Standard & Poors, Feb 2009
Abstract
NEW YORK (Standard & Poor's) Feb. 27, 2009--Standard & Poor's Ratings Services has placed the ratings of certain municipal variable-rate demand bonds (VRDOs) that are insured by MBIA Insurance Corp. on CreditWatch with negative implications as a result of its rating actions on MBIA Insurance Corp.'s counterparty credit and financial strength ratings (Please see 'MBIA Insurance Corp. Ratings Lowered To 'BBB+'; MBIA Insurance Corp. of Illinois Downgraded To 'AA-'' published on Feb. 18, 2009, on RatingsDirect.). Although all of MBIA Insurance Corp.'s policies insuring municipal entities were transferred to MBIA Insurance Corp. of Illinois, the terms of the related standby bond purchase agreements (SBPA) for these transactions retain termination events dependent on MBIA Insurance Corp. ('BBB+'), rather than MBIA Insurance...
Companies mentioned in this report are: Colorado Hsg & Fin Auth,San Francisco City & Cnty,Phoenix Civ Imp Corp,Michigan St Hsg Dev Auth,New York City,New York State Dorm Auth,Wisconsin Hsg & Econ Dev Auth,Indianapolis Local Public Improvement Bond Bank,Los Angeles Cnty Metro Transp Auth,Long Beach Harbor Dept
Action: On CreditWatch:Negative
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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