MBIA plays down improved results

MBIA has reported net profits of $1.7 billion for the second quarter of 2008, compared with $211.8 million over the same period last year. But the monoline insurer has denied that the results signal a turn in the firm's fortunes. Like the results of fellow monoline Ambac, the company attributed the positive development to moves in CDS prices during the quarter, and results for the first half of the year remain at a net loss of $706.4 million. The amount attributable to unrealised gains in credit

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