MBIA just can't seem to get a break these days. Even though the monoline's CDO holdings were credited with its first quarter earnings boost, sector analysts remained cautionary - in some cases suspicious - following last week's positive announcement.

CDO exposure at the financial guarantor totaled $67 billion in net par value as of March 31, and its CDO portfolio posted a gain of $60 million in the first quarter, a significant uptick from the $82 million loss posted last year. According to its release, MBIA expanded its market data sources to avoid undue reliance on any single data vendor. It noted part of the earnings upswing might be attributed to the addition of a new data vendor, which analysts pounced on. Generally tighter spreads in the CDO market were also credited for the gain.

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