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Writedowns push MBIA to $2.4bn loss
MBIA on Monday reported a $2.4bn loss for the first quarter as the world’s largest bond insurer took billions of dollars of writedowns on derivatives contracts in a deteriorating credit market. The loss was more than twice analysts’ estimates, and equivalent to $13.03 a share for the quarter, compared with profits of $198.6m, or $1.46 a share, for Q1 2007. MBIA was forced to reduce the value of its derivatives trades by $3.6bn in the first quarter as credit markets tumbled. The shortfall marked MBIA’s third consecutive quarterly loss and came less than three months after MBIA retained its triple A credit rating by raising $2.6bn in capital and eliminating its dividend.
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