Following the downgrade of MBIA Insurance Corp., Standard & Poor's has lowered its ratings on six MBIA-insured housing revenue bonds to CCC from B.

"All of these issues receive partial support via guaranteed investment contracts or investment agreements from MBIA Insurance Corp.," Standard & Poor's analyst Renee Berson wrote in a report released Wednesday. "Should the issuer act to terminate, replace, or guarantee the existing agreements, and provide cash flows demonstrating the ability to pay bond obligations without relying on interest earnings from investment agreements, we will take appropriate rating action."

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.