Lebenthal on Munis by Jim Lebenthal

Author:Jim Lebenthal
Language: eng
Format: epub
Publisher: Open Road Media
Published: 2014-05-11T16:25:00+00:00

Postscript from The Bond Buyer, February 19, 2009:

“Following through on a transformation plan announced last year, MBIA Inc. yesterday said it has restructured its insurance subsidiaries to form a new U.S. public finance-only insurer that will operate separately from its structured finance business.

Bond insurance subsidiary MBIA Insurance Corp. ceded its entire $537 billion book of public finance business to subsidiary MBIA Insurance Corp. of Illinois, which MBIA expects to rename National Public Finance Guarantee Corp. and limit to writing only U.S. public finance business. MBIA has paid MBIA Illinois approximately $2.89 billion for reinsuring the public finance business and capitalized it with an additional $2.09 billion.”

As of May 2009, National Public Finance Guarantee Corp. is non rated (NR) by Fitch, Baa1 on Moody’s “Positive Credit Watchlist” and AA- on S&P’s “Developing Credit Watch.”

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