On shaky ground
Bond insurer MBIA has hit back at suggestions by New York hedge fund Gotham that its triple-A credit rating is not justified, given the firm’s financial profile. Hardeep Dhillon looks at each side’s arguments and the wider implications for the credit markets.
On its website, triple-A rated bond insurer MBIA proudly displays an illustration of three columns, each with a large letter ‘A’ on top. The image, presumably, is meant to convey the impression that MBIA’s triple-A credit rating is rock solid, that it underpins the company’s success, and perhaps even that its rating is lifted above the everyday issues that have negatively affected so many other
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