An online story about Standard & Poor’s downgrade of MBIA Insurance Corp. did not correctly cite S&P’s rationale relative to National Public Finance Guarantee Corp.’s separation of business from MBIA and National’s developing outlook.

On the issue of the business separation, Standard & Poor’s wrote that “the ring-fencing actions it has taken so far have had limited impact in that we view National as no more or less ring-fenced than any typical bond insurance subsidiary operating in a consolidated group.”

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