MBIA (MBI) Recommends Note Holders Reject BofA (BAC) Offer
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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
Moody's Says BofA's (BAC) Move to Block Consent Solicitation is 'Credit Negative' for MBIA (MBI)
November 19, 2012 1:56 PM ESTOn November 7, 2012, MBIA Inc. (NYSE: MBI) announced the commencement of a consent solicitation to amend the Indentures governing its 6.40% Senior Notes due 2022, 7.00% Debentures due 2025, 7.15% Debentures due 2027, 6.625% Debentures due 2028 and 5.70% Senior Notes due 2034. The announcement and the Consent Solicitation Statement are included as Exhibits 99.2 and 99.3, respectively, to MBIAs Current Report on Form 8-K filed on November 7, 2012. The Consent Solicitation expires at 5:00 p.m., New York City Time, on November 21, 2012, unless extended.
On November 19, 2012, Moodys Investors Services, Inc. issued an Issuer Comment indicating that the commencement of the tender offer by Bank of America... More
