Standard & Poor's has lowered its counterparty credit, financial strength, and financial enhancement ratings on MBIA Insurance Corp. (MBIA) to 'BBB+' from 'AA'. The outlook on MBIA is negative, according to a release from S&P.

S&P also said that it lowered its counterparty credit and financial strength ratings on MBIA Insurance Corp. of Illinois (MBIA Ill.) to 'AA-' from 'AA' and placed them on CreditWatch with developing implications.

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