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 22, 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 |
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(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 22, 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 22, 2014, the Company announced that Moody's Investors Service (“Moody’s”) has upgraded its insurance financial strength rating on the Company’s U.S. public finance financial guarantee insurance subsidiary, National, to “A3” from “Baa1”. At the same time, Moody’s upgraded the insurance financial strength rating on the Company’s structured finance and international financial guarantee insurance subsidiary, MBIA Insurance Corporation, to “B2” from “B3”, and the senior debt rating on MBIA Inc. to “Ba1” from “Ba3”. The outlook on all the ratings is stable.
Item 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
99.1 Press Release issued by MBIA Inc., dated May 22, 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 22, 2014 |
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EXHIBIT INDEX TO CURRENT REPORT ON FORM 8-K
Dated May
22, 2014
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99.1 |
Press Release issued by MBIA Inc., dated May 22, 2014. |
Exhibit 99.1
Moody’s Upgrades National Public Finance Guarantee Corp.
ARMONK, N.Y.--(BUSINESS WIRE)--May 22, 2014--National Public Finance Guarantee Corporation (National), an indirect subsidiary of MBIA Inc. (NYSE:MBI), today announced that Moody’s Investors Service (Moody’s) has upgraded its insurance financial strength rating to ‘A3’ from ‘Baa1’. The outlook for the rating is stable. Moody’s upgrade of National reflects, among other things, its strong stand-alone capital profile and its improving prospects for generating new business in the U.S. public finance insurance market.
“We’re pleased that Moody’s has recognized the improvement in National’s credit profile,” said Bill Fallon, National’s Chief Executive Officer. “The upgrade provides immediate benefits to holders of National-insured bonds and, together with recently announced ratings from Standard and Poor’s and Kroll Ratings in the double-A range, puts National in a strong position to resume new business activities and serve the credit enhancement needs of the U.S. public finance market.”
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