MBIA (NYSE:MBI) today released the following statement in response to
the announcement by Fitch Ratings:
“We have previously stated our position on our
relationship with Fitch and we completely respect their right to
maintain MBIA’s ratings for a period of time,”
said C. Edward Chaplin, Chief Financial Officer. “While
we acknowledge there are rating agencies that rely exclusively on public
information to maintain ratings on MBIA, we agree with Fitch that the
unique nature of the financial guaranty sector makes maintaining the
MBIA IFS and debt ratings more challenging without access to non-public
information. Due to market developments, we believe that the non-public
information currently in Fitch’s possession
soon will become out of date, and public information alone will be
insufficient to maintain the ratings.”
This release contains statements about future results that may
constitute "forward-looking statements" within the meaning of the safe
harbor provisions of the Private Securities Litigation Reform Act of
1995. Readers are cautioned that these statements are not guarantees of
future performance. There are a variety of factors, many of which are
beyond MBIA's control, which affect the operations, performance,
business strategy and results and could cause its actual results to
differ materially from the expectations and objectives expressed in any
forward-looking statements. Accordingly, readers are cautioned not to
place undue reliance on forward-looking statements which speak only as
of the date they are made. MBIA does not undertake to update
forward-looking statements to reflect the impact of circumstances or
events that arise after the date the forward-looking statements are
made. The reader should, however, consult any further disclosures MBIA
may make in its future filings of its reports on Form 10-K, Form 10-Q
and Form 8-K.
MBIA Inc., through its subsidiaries, is a leading financial guarantor
and provider of specialized financial services. MBIA's innovative and
cost-effective products and services meet the credit enhancement,
financial and investment needs of its public and private sector clients,
domestically and internationally. MBIA Inc.'s principal operating
subsidiary, MBIA Insurance Corporation, has the following financial
strength ratings: Triple-A with negative outlook from Standard & Poor's
Ratings Services and Triple-A with negative outlook from Moody's
Investors Service. Please visit MBIA's Web site at www.mbia.com.
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