SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15 (d) of
the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): June 5, 2008 (June 4, 2008)
MBIA
INC.
(Exact
name of registrant as specified in its charter)
|
Connecticut |
1-9583 |
06-1185706 |
|
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
|
113 King Street, |
10504 |
|
(Address of principal executive offices) |
(Zip Code) |
Registrant’s
telephone number, including area code:
914-273-4545
Not
Applicable
(Former
name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item
7.01 REGULATION FD DISCLOSURE.
MBIA Inc. (“MBIA”) issued a press release on June 4, 2008. A copy of the
press release is attached as Exhibit 99.1 hereto.
The information in the press release is being furnished, not filed,
pursuant to Item 7.01 of Form 8-K. Accordingly, the information in Item
7.01 of this Current Report, including Exhibit 99.1, will not be
incorporated by reference into any registration statement filed by MBIA
under the Securities Exchange Act of 1933, as amended, unless
specifically identified therein as being incorporated by reference.
Item 8.01. OTHER
EVENTS.
The following information is being filed pursuant to Item 8.01 – Other
Events of Form 8-K.
On June 4, 2008 MBIA announced that on June 4, 2008 Moody’s Investors
Service placed the Aaa insurance financial strength ratings of MBIA
Insurance Corporation (the “Insurance Company”) and its insurance
affiliates, the Aa2 ratings of the Insurance Company’s Surplus Notes,
and the Aa3 ratings of the senior debt of MBIA on review for possible
downgrade, citing “growing concern that MBIA’s credit profile may no
longer be consistent with current ratings given the company’s diminished
new business prospects and financial flexibility, coupled with the
potential for higher expected and stress losses within the insurance
portfolio.” Moody’s noted that the most likely outcome of the ratings
review would be a downgrade, with Moody’s insurance financial strength
rating likely to fall within the Aa range, although a downgrade to the
single-A category is also possible. Prior to the June 4 rating action,
Moody’s rating outlook for MBIA was negative. Moody’s also announced
that as a result of its review, the Moody’s-rated securities that are
guaranteed or “wrapped” by MBIA are also placed under review for
possible downgrade, except those with higher public underlying ratings.
According to Moody’s, a list of these securities will be made available
under “Ratings Lists” at www.moodys.com/guarantors.
Item
9.01 FINANCIAL STATEMENTS AND EXHIBITS.
99.1 Press Release issued by MBIA Inc. dated June 4, 2008.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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MBIA INC. |
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By: |
/s/ Ram D. Wertheim |
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Ram D. Wertheim |
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General Counsel |
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Date: |
June 5, 2008 |
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EXHIBIT INDEX TO CURRENT REPORT ON FORM 8-K
Dated June 5, 2008
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Exhibit 99.1 |
Press Release issued by MBIA Inc. dated June 4, 2008. |