MBIA looks to exit water bonds
- From: Vol 11, Issue 8 (August 2010)
- Category: General
- Region: Europe
- Country: United Kingdom
The troubled insurer is likely to have to recompense debt investors in order to extricate itself from existing guarantee obligations.
Beleaguered monoline insurer MBIA is looking to remove its guarantee from £2.9 billion of bonds issued by three of the large UK water and sewerage companies. The insurance company provided wraps for 16 bond tranches issued out of the securitisation-type financing vehicles of Anglian Water, Dwr Cymru (Welsh Water) and Southern Water prior to 2007 to bring their ratings ...
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