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S&P Downgrades MBIA, Ambac

Stock quotes in this article: MBI , ABK , MHP , MCO  

Standard & Poor's on Thursday downgraded embattled bond insurers MBIA (MBI Quote) and Ambac (ABK Quote), a day after its main rival threatened the same.

Standard & Poor's, which is owned by McGraw Hill (MHP Quote) cut its financial strength rating on both companies to double-A from triple-A one day after Moody's (MCO Quote) said it could drop the insurers as low as single-A.

S&P also placed the both companies on a negative credit watch, signaling a likelihood of further downgrades in the future. ...

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