MBIA CEO sees Moody's, S&P done for 12-18 mos
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Wed, 27 Feb 2008 20:13:03 GMT |
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Reuters |
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By Lilla ZuillNEW YORK (Reuters) - MBIA Inc Chief Executive Jay Brown on Wednesday said he does not expect rating agencies Moody's Investors Service and Standard & Poor's to take any action on the company's ratings for up to 18 months."I think what you heard from Moody's and S&P this week is a very clear picture that they are done for 12 and 18 months with us," he told Reuters in a telephone interview.Both of the rating agencies earlier this week affirmed the top triple "A" ratings for MBIA's insurance unit, easing market concerns.Brown said MBIA was in talks with third rating agency Fitch Ratings but was not sure of their schedule, or what ratings action they might take.Earlier on Wednesday New York State Insurance Superintendent Eric Dinallo said he had talked to sovereign wealth funds about potential investments in bond insurers.But Brown told Reuters the company is not in need of a cash injection from an outside investor."We are in a different position than three or four of the others (bond insurers) that Eric (Dinallo) is working with at this time," said Brown. "We have raised all of our cash capital."Brown last week returned to the CEO position he held from 1999 to 2004 at the world's largest bond insurer.MBIA shares were trading down 4 percent at $14.65 on the New York Stock Exchange.(Additional reporting by Dan Wilchins and Joseph Giannone; Editing by Brian Moss)
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