rating to AA from AAA with a negative outlook. Fitch issued the new, lower rating even though MBIA had asked the ratings company, the month before, to stop assessing its credit worthiness. June 4, 2008. Moody's Investors Service announced that it would review MBIA's rating for possible downgrade for the second time in the year. Four months before this announcement, on February 2008, Moody's had affirmed the AAA rating after MBIA raised $2.6 bn in capital and announced that would stop insuring structured finance securities for six months. June 6, 2008. Despite having affirmed MBIA's AAA rating on February 2008, Standard and Poor's decided to downgrade MBIA's Insurance Financial Strength (IFS) rating from AAA to AA. June 19, 2008. Moody's downgraded MBIA's credit rating 5 notches to A2. November 7, 2008. Moody's further downgraded the IFS rating to "Baa1" from "A2". June 25, 2009. Moody's downgraded MBIA from "Ba3" to "Ba1" which is a speculative grade. March 5, 2010. Moody's referred to MBIA's IFS rating as "B3". November 19, 2012. Moody's downgraded MBIA Inc. from "B3" to "Caa1". May 21, 2013. Moody's upgraded MBIA Inc. from "Caa1" to "B3". May 21, 2014. Moody's upgraded MBIA Inc. from "Ba3" to "Ba1". References Smith, Dick P., "MBIA Inc. and MBIA Insurance Corp.", Standard & Poor's, Global Credit Portal : Ratings Direct, December 29, 2010 Further reading Barr, Alistair, "Assured Guaranty, MBIA drop on rating concern : Standard & Poor’s proposes new ratings criteria for bond insurers", MarketWatch, January 25, 2011 Richard, Christine S., Confidence game : how a hedge fund manager called Wall Street’s bluff, Hoboken, N.J. : Wiley/John Wiley & Sons, Inc., 2010. External links Company website Companies listed on the New York Stock Exchange Insurance companies of the United States Companies based in New York City Financial services companies established in 1973 1973 establishments in New York (state) Financial services companies based in New York (state) American companies established in 1973