Moody’s Investors Service Friday downgraded the insurer financial strength of MBIA Insurance Corp. to Baa1 with a developing outlook from A2 on review for downgrade.

“Today’s rating action concludes a review for possible downgrade that was initiated on September 18, 2008, and reflects Moody’s view of MBIA’s diminished business and financial profile resulting from its exposure to losses from US mortgage risks and disruption in the financial guaranty business more broadly,” Moody’s said.

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