Bond insurance

National Public Finance Guarantee's ability to write new business is in question after a downgrade to A, three notches below competitors Assured Guaranty and Build America Mutual, which were both affirmed at AA.

S&P Global Ratings said it lowered its financial strength rating on National Public Finance Guarantee Corp. (National) to A from AA-minus and its long-term counterparty credit rating on MBIA Inc. to BBB from A-minus.

National Public Finance Guarantee got a vote of confidence from Kroll Bond Rating Agency a week after S&P Global Ratings put the MBIA Inc. municipal bond insurance unit on credit watch negative.

Bond insurers and analysts say the review is unnecessary and rating cuts could backfire.

S&P Global Ratings said it may adjust certain ratings based on each insurer's "competitive strengths or weaknesses relative to its peers.”

Atlantic City hit the bond market for the first time since a late 2016 state takeover Wednesday.

Build America Mutual reported a jump in claims-paying resources and statutory comprehensive income in the first quarter as well as a smaller statutory loss than in the past.

MBIA Inc. said first quarter profit of its U.S. public finance business fell as premiums from refunding transactions declined.

Assured Guaranty Corp. formally requested that the Puerto Rico Oversight Board revoke certification of the 10-year fiscal plan on the grounds of material non-compliance with Puerto Rico Oversight Management and Economic Stability Act.