MBIA to restate earnings

Published March 8, 2005 12:00 AM EST 1 Min Read

MBIAannounced last week that it planned to restate its earnings going back to 1998, in order to correct the accounting treatment for two reinsurance agreements that MBIA entered into in 1998 with Converium Re (previously known as Zurich Reinsurance North America) in regard to municipal securities exposure, according to a release. MBIA added that it does not expect any effect on its triple-A ratings.

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