VELIERI FANTASMA: S&P Cuts AMBAC, MBIA Ratings!
Ed infine giunse il tempo della consapevolezza, il fallimento di un business adagiato su un oceano di liquidità, che ha ammortizzato ogni concezione del rischio, un oceano di liquidità che come ci dice il presidente della Fed di Richmond, Jeffrey Lacker ha prodotto il " MORAL HAZARD " azzardo morale, seme perverso delle prossime crisi.
From S&P: Ambac, MBIA Financial Strength Ratings Lowered
Standard & Poor’s Rating Services today lowered its financial strength ratings on Ambac Assurance Corp. and MBIA Insurance Corp. to ‘AA’ from ‘AAA’ and placed the ratings on CreditWatch with negative implications.
The ratings on the holding companies, Ambac Financial Group and MBIA Inc., have also been lowered to ‘A’ and ‘A-‘ from ‘AA’ and ‘AA-‘, respectively, and placed on CreditWatch with negative implications.
The rating actions on the companies reflect our belief that these entities will face diminished public finance and structured finance new business flow and declining financial flexibility. In addition, we believe continuing deterioration in key areas of the U.S. residential mortgage sector and related CDO structures will place increasing pressure on capital adequacy.
Thanks to CALCULATEDRISK
MBIA, Ambac Stripped of AAA Insurer Ratings By S&P (Update1)
By Christine Richard
The ratings were cut two levels to AA, New York-based S&P said in a statement today. S&P said it would keep the ratings under review pending “clarification of ultimate potential losses as well as future business prospects, the outcome of strategic business decisions, and potential regulatory developments.”
More than $1 trillion of municipal bonds and corporate securities the companies guaranteed depend on those top ratings, as does the capacity for New York-based Ambac and Armonk, New York-based MBIA to generate new business. MBIA Chief Executive Officer Jay Brown and Ambac interim CEO Michael Callen were hired last year largely to help the bond insurers maintain their top ratings in the face of potential losses on collateralized debt obligations and other faltering securities they guaranteed.
“The rating actions on the companies reflect our belief that these entities will face diminished public finance and structured finance new business flow and declining financial flexibility,” S&P said in the statement.
The cuts follow Moody’s announcement yesterday that it had placed the two companies’ ratings under review for a second time this year. MBIA and Ambac executives said they had no plans to try to raise additional capital to salvage the top ratings. The world’s largest bond insurers raised $4.1 billion in the past six months through the sale of debt and equity in a bid to keep their top ratings.
Dopo S&Poor’s sarà la volta di Moody’s, in fondo al tunnel della trasparenza si intravede un tenua luce di speranza…..
………..e Wall Street vola, grazie ragazzi per l’ennesima illusione!