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Shares of bond insurers MBIA (MBI Quote) and Ambac Financial(ABK Quote) collapsed Wednesday as Moody's Investors Service threatened downgrades and financial stocks continued sliding for the week.
Moody's said it was considering downgrading the insurers due to concerns over the credit profile. The rating outlook is already negative with the bonds listed at a pristine triple-A, and a cut could bring the debt down to double- or even single-A, Moody's said. Such a rating would affect the company's chances of selling bond insurance. MBIA plunged 15.8% to trade at $5.63 and Ambac plummeted 17% to sell at $2.49.
Mortgage insurer Radian(RDN Quote) also tumbled on the news, dropping 10.2% to $5.31. ...
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