World's largest insurer retains AAA rating

MBIA, the world's largest bond insurer, was in danger of a downgrade which could have seriously affected many funds as they would have had to immediately sell lower-rated assets. But Standard & Poor's announced it is no longer reviewing MBIA’s rating after the insurer voted to eliminate its quarterly dividend, which is expected to preserve approximately $174m. "MBIA will continue to take reasonable and prudent actions such as this dividend elimination in an effort to retain and strengthen our Triple-A ratings," MBIA chairman and CEO Jay Brown says. "As a very large individual shareholde...