As of June 30, 2013, National’s statutory capital was $3.4 billion and its claims-paying resources (as described in the attached Explanation of Non-GAAP Financial Measures) totaled $5.7 billion.On May 8, 2013, Standard & Poor’s Ratings Services (S&P) raised its financial strength rating on National to “BBB” from “BB” and its standalone credit profile to “a” from “bb”. At the same time, S&P placed the rating on CreditWatch Positive. On May 10, 2013, S&P raised its financial strength rating on National to “A” from “BBB,” removed it from CreditWatch and changed its outlook to stable. On May 21, 2013, Moody’s Investors Service (Moody’s) upgraded National’s insurance financial strength rating from Baa2 to Baa1 with a positive outlook.
MBIA Inc. Reports Second Quarter 2013 Financial Results
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