Rating firm Standard & Poor’s...
... has downgraded the counterparty credit rating of US bond insurer MBIA to BB, a notch deeper into junk status, citing the legal troubles that the New York-based group faces over its restructuring and revised loss assumptions. S&P also lowered the credit rating of operating units MBIA Insurance to triple B, a drop of one notch that takes it two steps away from junk, and National Public Finance Guaranty to single A, down two notches.