Moody's Says BofA's (BAC) Move to Block Consent Solicitation is 'Credit Negative' for MBIA (MBI)
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Misunderstood MBIA (MBI) Scenario w/ BofA (BAC) Provides Buying Opportunity
May 2, 2013 11:10 AM EDTGiven recent speculation surrounding MBIA, Inc. (NYSE: MBI) in its ongoing litigation with Bank Of America's (NYSE: BAC) Countrywide, could the institution actually be a Buy given the circumstances?
BTIG thinks so. The firm points out that many media releases are understating the actual position MBIA is in. Last November, MBIA instituted a consent solicitation, effectively splitting-off MBIA Insurance risk from holdco and MBIA's municipal unit, National Public Finance Guarantee Corp.
Given the move, BTIG thinks that the value in MBIA is derived solely... More
MBIA (MBI) Recommends Note Holders Reject BofA (BAC) Offer
November 20, 2012 11:22 AM ESTMBIA Inc. (NYSE: MBI) recommends rejection of the unsolicited tender offer by Bank of America Corporation (NYSE: BAC) on November 13, 2012 to purchase all of MBIAs outstanding 5.70% Senior Notes due 2034. MBIA Inc. is the parent of MBIA Insurance Corporation.
MBIA arrived at this position after considering all of the facts and circumstances surrounding BOAs unsolicited... More
Moody's Cuts MBIA's (MBI) Senior Debt Rating to Caa1 from B2, Developing Outlook (BAC)
November 20, 2012 9:56 AM ESTOn November 19, 2012, Moodys Investors Services, Inc. downgraded the senior debt rating of MBIA Inc. (NYSE: MBI) to Caa1, developing outlook, from B2, negative outlook, and the insurance financial strength rating of MBIA Insurance Corporation and its subsidiary MBIA Mexico, S.A. de C.V. to Caa2, developing outlook, from B3, review for a possible downgrade. The ratings of National Public Finance Guarantee Corporation and MBIA UK Insurance Limited were not affected by the rating actions and remain unchanged at Baa2, negative outlook, and B3, under review for downgrade, respectively.... More
