S&P Upgrades MBIA, National Public Finance Guarantee.
(Reuters) - Standard & Poor's Ratings Services on Wednesday raised the financial strength ratings of MBIA Insurance Corp and National Public Finance Guarantee Corp adding it may upgrade them further.
The rating action on MBIA - with a financial strength rating brought up to B from CCC - follows the $1.6 billion cash settlement with Bank of America announced on Monday, S&P said.
The rating agency also added that the financial strength rating for National Public Finance Guarantee Corp, which was raised to BBB from BB, reflects "the company's strengthened capital adequacy position and financial risk profile following MBIA Corp's repayment of the intercompany loan."
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|Publication:||Property and Casualty 360|
|Date:||May 8, 2013|
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