Monoline fears grow after MBIA writedown

The situation in the troubled bond insurance sector has worsened, with the announcement of a $2.3 billion fourth-quarter writedown by New York monoline MBIA.

It could soon be a case of last monoline standing in the battle to retain triple-A ratings, following the news of MBIA's worst quarterly performance on record. Fitch Ratings has already downgraded Ambac, Financial Guaranty Insurance and Security Capital Assurance, and MBIA remains a candidate for downgrade.

This is despite the insurer raising

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