The decision "does not reflect MBIA
Insurance's current solvency or ability to pay claims to policyholders," Marc Kasowitz, a lawyer for the insurer, wrote in a letter to a New York state judge.
Diversification has taken MBIA
into money management for municipalities and insuring asset-backed and international securities.
We are pleased to be a part of a win-win transaction for MBIA
, FGIC and FGIC's policyholders," said Bill Fallon, MBIA
The decision follows a week of strategic moves in which MBIA
sought to protect its solvency by making changes in its bond agreements.
Mexico SA de CV (both the global and national scale)
The Rating Watch and/or Rating Outlook status for MBIA
will be influenced by the ultimate size of any successful notes offering.
This action follows the completion of the updated assessment by Fitch into MBIA
Mexico is an important step in the ongoing expansion of our global franchise," said MBIA
Chairman and CEO Gary Dunton.
Mexico is a wholly owned subsidiary of MBIA
The amount payable by Royal under the terms of the settlement will be sufficient to repay the approximately $362 million of outstanding par amount of the bonds insured by MBIA
as well as to reimburse MBIA
for a portion of the claims that MBIA
has paid to date under its insurance policies.
The 'AAA' IFS rating for MBIA
reflects the company's leading market position in the financial guaranty industry, sufficient excess capital and claims-paying resources, an improving and diversified insured portfolio, and predictable, albeit moderating, earnings growth derived from its existing book of business.
The Company also announced that Willard Hill, managing director and Chief Compliance Officer, has been named Chief Marketing and Communications Officer and will assume responsibility for investor relations, corporate marketing and communications, government relations and the MBIA