MBIA has been downgraded by Moody’s all the way to A2. Ambac is AA3. That makes their insurance useless, and in all probability that means they are now nothing more than vehicles for paying off the claims of their existing contracts. The Muni issuers will terminate their contracts, the underlying credits are already better...
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Monthly Archives: June 2008
MBIA and Ambac have probably just passed away
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