Yesterday's story about Moody's Investors Service not assigning MBIA Insurance Corp.'s A2 rating to a $166 billion portion of Financial Guaranty Insurance Co.'s public finance book misstated why the transaction did not meet the rating agency's credit-substitution standards. FGIC's ability to terminate the agreement without a final payment being made by MBIA prevents it from meeting those requirements.

 

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.