Moody’s Investors Service upgraded National Public Finance Guarantee Corp., MBIA Inc.’s municipal-only insurer, to Baa1 from Baa2, citing the company’s recent settlements with counterparties in soured mortgage-backed securities deals.

The agency also upgraded MBIA Inc. to Ba3, from Caa1, and subsidiary MBIA Insurance Corporation to B3 from Caa2. All ratings are on positive outlook, which means Moody’s sees positive trends that could translate into further upgrades sometime in the future.

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