UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): May 12, 2014
MBIA
INC.
(Exact
name of registrant as specified in its charter)
|
Connecticut |
1-9583 |
06-1185706 |
|
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
|
113 King Street, |
10504 |
|
(Address of principal executive offices) |
(Zip Code) |
Registrant’s
telephone number, including area code:
914-273-4545
Not
Applicable
(Former
name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
⃞
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 7.01. REGULATION FD DISCLOSURE.
National Public Finance Guarantee Corporation (“National”), an indirect subsidiary of MBIA Inc. (the “Company”) issued a press release on May 12, 2014. A copy of the press release is attached as Exhibit 99.1 hereto.
The information in the press release is being furnished, not filed, pursuant to Item 7.01 of Form 8-K. Accordingly, the information in Item 7.01 of this Current Report, including Exhibit 99.1, will not be incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated by reference.
Item 8.01. OTHER EVENTS.
The following information is being filed pursuant to Item 8.01—Other Events of Form 8-K.
On May 12, 2014, National announced that the Kroll Bond Rating Agency has assigned it a AA+ insurer financial strength rating with a Stable Outlook.
Item 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
99.1 Press Release issued by National Public Finance Guarantee Corporation, dated May 12, 2014.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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MBIA INC. |
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By: |
/s/ Ram D. Wertheim |
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Ram D. Wertheim |
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Chief Legal Officer |
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Date: |
May 12, 2014 |
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EXHIBIT INDEX TO CURRENT REPORT ON FORM 8-K
Dated May
12, 2014
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99.1 |
Press Release issued by National Public Finance Guarantee Corporation, dated May 12, 2014. |
Exhibit 99.1
National Public Finance Guarantee Corp. Rated AA+ (Stable) By Kroll Bond Rating Agency
ARMONK, N.Y.--(BUSINESS WIRE)--May 12, 2014--National Public Finance Guarantee Corporation (National), an indirect subsidiary of MBIA Inc. (NYSE:MBI), today announced that the Kroll Bond Rating Agency (KBRA) has assigned it a AA+ insurance financial strength rating with a Stable Outlook. The rating reflects Kroll’s view of the strength of National’s claims-paying resources relative to potential claims, its experienced management team, its established underwriting platform and the revenue stream associated with its existing insured portfolio. KBRA’s financial model test results concluded that National’s claims-paying resources can cover stress-case annual insured portfolio loss assumptions at the AAA level as well as projected annual operating expenses.
“We’re pleased to have attained the highest rating currently available from the Kroll Bond Rating Agency for a financial guarantor,” said Bill Fallon, National’s Chief Executive Officer. “The AA+ rating underscores National’s strong capitalization, risk management capabilities and business plan. As the world’s largest U.S. public finance-only bond insurer, we are committed to transparency and are pleased to provide investors with an additional perspective on the strength of National’s guarantee.”
Forward-Looking Statements
This release includes statements that are not historical or current facts and are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words “believe,” “anticipate,” “project,” “plan,” “expect,” “intend,” “will likely result,” “looking forward” or “will continue,” and similar expressions identify forward-looking statements. These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical earnings and those presently anticipated or projected, including, among other factors, the possibility that MBIA Inc., which is the ultimate parent company of National Public Finance Guarantee Corporation, or National will experience increased credit losses or impairments on public finance obligations issued by state, local and territorial governments and finance authorities that are experiencing unprecedented fiscal stress; the possibility that loss reserve estimates are not adequate to cover potential claims; MBIA Inc.’s or National’s ability to fully implement their strategic plan, including the ability to maintain high stable ratings for National and generate investor demand for National’s financial guarantees; and changes in general economic and competitive conditions. These and other factors that could affect financial performance or could cause actual results to differ materially from estimates contained in or underlying MBIA Inc.’s or National’s forward-looking statements are discussed under the “Risk Factors” section in MBIA Inc.’s most recent Annual Report on Form 10-K, which may be updated or amended in MBIA Inc.’s subsequent filings with the Securities and Exchange Commission. MBIA Inc. and National caution readers not to place undue reliance on any such forward-looking statements, which speak only to their respective dates. National and MBIA Inc. undertake no obligation to publicly correct or update any forward-looking statement if it later becomes aware that such result is not likely to be achieved.
National Public Finance Guarantee Corporation, headquartered in Armonk, New York is the world’s largest U.S. public finance-only financial guarantee insurance company, with offices in New York and San Francisco. Please visit National’s website at www.nationalpfg.com.
CONTACT:
National Public Finance Guarantee Corporation
Media:
Kevin
Brown, +1-914-765-3648
or
Investor Relations:
Nick
Sourbis, +1-914-765-3385