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Fitch puts MBIA on watch
Fitch Ratings said it placed on Rating Watch negative MBIA Inc.'s AA ratings for its long-term rating, $75 million 7% senior unsecured debentures due Dec. 15, 2025, $100 million 7.17% senior unsecured debentures due July 15, 2027, $150 million 6.63% senior unsecured debentures due Oct.1, 2028, $200 million 6.4% senior unsecured debt due Aug. 15, 2022, $175 million 4.50% senior unsecured notes due July 15, 2010, $100 million 9.38% senior unsecured notes due Feb.15, 2011 and $350 million 5.7% senior unsecured notes due Dec. 1, 2034.
The action follows the agency's updated assessment of MBIA Insurance Corp.'s exposure to structured finance collateralized debt obligations backed by subprime mortgage collateral, Fitch said.
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