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S&P: Mortgage Woes Hurting Bond Insurers.
New York -- Standard & Poor's Rating Services has lowered its financial strength ratings on Ambac Assurance Corp. and MBIA Insurance Corp. to AA from AAA, and placed them on CreditWatch with negative implications. S&P also lowered the ratings on the holding companies, Ambac Financial Group and MBIA Inc. to A from AA and to A- from AA-, respectively, and placed those ratings on CreditWatch negative.
Among the reasons given for the moves was "continuing deterioration in key areas of the U.S. residential mortgage sector."
Earlier, Moody's Investors Service has cited mortgage-related exposures in ...
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Source: HighBeam Research, S&P: Mortgage Woes Hurting Bond Insurers.