<SEC-DOCUMENT>0001157523-17-001741.txt : 20170607
<SEC-HEADER>0001157523-17-001741.hdr.sgml : 20170607
<ACCEPTANCE-DATETIME>20170607073023
ACCESSION NUMBER:		0001157523-17-001741
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170606
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170607
DATE AS OF CHANGE:		20170607

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MBIA INC
		CENTRAL INDEX KEY:			0000814585
		STANDARD INDUSTRIAL CLASSIFICATION:	SURETY INSURANCE [6351]
		IRS NUMBER:				061185706
		STATE OF INCORPORATION:			CT
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09583
		FILM NUMBER:		17895583

	BUSINESS ADDRESS:	
		STREET 1:		1 MANHATTANVILLE ROAD
		STREET 2:		SUITE 301
		CITY:			PURCHASE
		STATE:			NY
		ZIP:			10577
		BUSINESS PHONE:		914-273-4545

	MAIL ADDRESS:	
		STREET 1:		1 MANHATTANVILLE ROAD
		STREET 2:		SUITE 301
		CITY:			PURCHASE
		STATE:			NY
		ZIP:			10577
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a51570724.htm
<DESCRIPTION>MBIA INC. 8-K
<TEXT>
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    <p style="text-align: center">
      <font style="font-size: 18pt"><b>UNITED STATES</b></font><br><font style="font-size: 18pt"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><br><font style="font-size: 14pt"><b>Washington,
      D.C. 20549</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 18pt"><b>FORM 8-K</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 14pt"><b>CURRENT REPORT</b></font>
    </p>
    <p style="text-align: center">
      Pursuant to Section 13 or 15(d) of<br>the Securities Exchange Act of 1934
    </p>
    <p style="text-align: center">
      Date of Report (Date of earliest event reported): <font style="font-size: 10pt; font-family: Times New Roman">June
      6, 2017</font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 10pt"></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 18pt"><b>MBIA INC.</b></font><br>(Exact name of
      registrant as specified in its charter)
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center; width: 31%">
          <b>Connecticut</b>
        </td>
        <td style="width: 4%">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; width: 30%">
          <b>1-9583</b>
        </td>
        <td style="width: 4%">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; width: 31%">
          <b>06-1185706</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center; width: 31%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (State or other jurisdiction of<br>incorporation)
          </p>
        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center; width: 30%">
          (Commission File Number)
        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center; width: 31%">
          (IRS Employer Identification No.)
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <b><br>
      </b>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center; width: 50%">
          <b>1 Manhattanville Road, Suite 301 </b>

          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Purchase, New York</b>
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; width: 50%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>10577</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; width: 50%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Address of principal executive offices)
          </p>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; width: 50%">
          (Zip Code)
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      Registrant's telephone number, including area code:<br><b>914-273-4545</b>
    </p>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <b>Not Applicable<br></b>(Former name or former address, if changed
      since last report)
    </p>
    <p>

    </p>
    <p>
      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:
    </p>
    <p>
      <font style="font-size: 12pt; font-family: Arial Unicode MS">&#8414;</font>
      Written communications pursuant to Rule 425 under the Securities Act (17
      CFR 230.425)
    </p>
    <p>
      <font style="font-size: 12pt; font-family: Arial Unicode MS">&#8414;</font>
      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
      CFR 240.14a-12)
    </p>
    <p>
      <font style="font-size: 12pt; font-family: Arial Unicode MS">&#8414;</font>
      Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))
    </p>
    <p>
      <font style="font-size: 12pt; font-family: Arial Unicode MS">&#8414;</font>
      Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px">
      Indicate by check mark whether the registrant is an emerging growth
      company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405
      of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934
      (&#167;240.12b-2 of this chapter).
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px">
      Emerging growth company&#160;&#160;&#9744;
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px">
      If an emerging growth company, indicate by check mark if the registrant
      has elected not to use the extended transition period for complying with
      any new or revised financial accounting standards provided pursuant to
      Section 13(a) of the Exchange Act.&#160;&#160;&#9744;
    </p>
    <div style="margin-left: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: left">

    </p>
    <p style="white-space: nowrap">
      <b>Item 7.01.&#160;&#160;&#160;&#160;&#160;REGULATION FD DISCLOSURE.</b>
    </p>
    <p>
      MBIA Inc. (the &#8220;Company&#8221;) issued a press release on June 6, 2017. A copy
      of the press release is attached as Exhibit 99.1 hereto.
    </p>
    <p>
      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.
    </p>
    <p>

    </p>
    <p style="white-space: nowrap">
      <b>Item 8.01.&#160;&#160;&#160;&#160;&#160;OTHER EVENTS.</b>
    </p>
    <p>
      The following information is being filed pursuant to Item 8.01 &#8211; Other
      Events of Form 8-K.
    </p>
    <p>
      On June 6, 2017, Standard &amp; Poor&#8217;s Global Ratings (&#8220;S&amp;P&#8221;) announced that
      it has placed its long-term counterparty credit rating on the Company
      and its financial strength rating on National Public Finance Guarantee
      Corporation (&#8220;National&#8221;) on CreditWatch with negative
      implications.&#160;&#160;S&amp;P&#8217;s research update stated: &#8220;National has been
      struggling to gain wide market acceptance.&#160;&#160;In addition, its
      risk-adjusted pricing, although improving, is currently the lowest
      within the industry&#8221;.&#160;&#160;S&amp;P stated that its action on MBIA Inc. &#8220;reflects
      its structural subordination to National&#8221;.&#160;&#160;The research update stated
      that S&amp;P expects to complete its review within the next three
      months.&#160;&#160;The Company has posted the full S&amp;P report on its website,
      www.mbia.com, in the &#8220;Investor Relations&#8221; section, under the &#8220;Ratings
      Agency Reports&#8221; tab.
    </p>
    <p>

    </p>
    <p style="white-space: nowrap">
      <b>Item 9.01.&#160;&#160;&#160;&#160;&#160;FINANCIAL STATEMENTS AND EXHIBITS.</b>
    </p>
    <p>
      99.1&#160;&#160;Press Release issued by MBIA Inc., dated June 6, 2017.
    </p>
    <p>

    </p>
    <div style="margin-left: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p>
      <b>Forward-Looking Statements</b>
    </p>
    <p>
      The information contained in this Current Report should be read in
      conjunction with our filings made with the Securities and Exchange
      Commission. This report includes statements that are not historical or
      current facts and are &#8220;forward-looking statements&#8221; made pursuant to the
      safe harbor provisions of the Private Securities Litigation Reform Act
      of 1995. The words &#8220;believe,&#8221; &#8220;anticipate,&#8221; &#8220;project,&#8221; &#8220;plan,&#8221; &#8220;expect,&#8221;
      &#8220;intend,&#8221; &#8220;will likely result,&#8221; &#8220;looking forward&#8221; or &#8220;will continue,&#8221;
      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 risks
      and uncertainties, the possibility that the Company will experience
      increased credit losses or impairments on public finance obligations we
      insure issued by state, local and territorial governments and finance
      authorities that are experiencing unprecedented fiscal stress, the
      possibility that MBIA Insurance Corporation will have inadequate
      liquidity to pay expected claims as a result of increased losses on
      certain structured finance transactions, in particular residential
      mortgage-backed securities transactions that include a substantial
      number of ineligible mortgage loans, or a delay or failure in collecting
      expected recoveries, the possibility that loss reserve estimates are not
      adequate to cover potential claims, a disruption in the cash flow from
      our subsidiaries or an inability to access capital and our exposure to
      significant fluctuations in liquidity and asset values within the global
      credit markets as a result of collateral posting requirements, our
      ability to fully implement our strategic plan, including our ability to
      maintain high stable ratings for National Public Finance Guarantee
      Corporation and generate investor demand for our financial guarantees,
      deterioration in the economic environment and financial markets in the
      United States or abroad, and adverse developments in European sovereign
      credit performance, real estate market performance, credit spreads,
      interest rates and foreign currency levels, the effects of governmental
      regulation, including insurance laws, securities laws, tax laws, legal
      precedents and accounting rules; and uncertainties that have not been
      identified at this time. These and other factors that could affect
      financial performance or could cause actual results to differ materially
      from estimates contained in or underlying the Company&#8217;s forward-looking
      statements are discussed under the &#8220;Risk Factors&#8221; section in MBIA Inc.&#8217;s
      most recent Annual Report on Form 10-K and Quarterly Report on Form
      10-Q, which may be updated or amended in the Company&#8217;s subsequent
      filings with the Securities and Exchange Commission. The Company
      cautions readers not to place undue reliance on any such forward-looking
      statements, which speak only to their respective dates. The Company
      undertakes 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.
    </p>
    <p>

    </p>
    <div style="margin-left: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
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        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: left">

    </p>
    <p style="text-align: center">
      <b>SIGNATURES</b>
    </p>
    <p style="text-indent: 30.0px; text-align: left">
      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.
    </p>
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          &#160;
        </td>
        <td colspan="2" valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            MBIA INC.
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td style="width: 57%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 30%">

        </td>
        <td style="width: 10%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 57%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 30%">

        </td>
        <td style="width: 10%">
          &#160;
        </td>
      </tr>
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        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 57%; padding-bottom: 2.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>By:</b>
          </p>
        </td>
        <td valign="top" style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left; width: 30%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ Jonathan C. Harris
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 10%; padding-bottom: 2.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 57%">

        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 30%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Jonathan C. Harris
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td style="width: 57%">

        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 30%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            General Counsel
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">

    </p>
    <p>
      Date: June 6, 2017
    </p>
    <p>

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51570724ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p>
      <u><font style="font-size: 12pt; font-family: Times New Roman"><b>MBIA
      Inc. Responds to S&amp;P Placing National&#8217;s Rating on CreditWatch Negative</b></font></u>
    </p>
    <p>
      PURCHASE, N.Y.--(BUSINESS WIRE)--June 6, 2017--MBIA Inc. (NYSE:MBI) (the
      Company) announced its response to today&#8217;s Research Update from Standard
      &amp; Poor&#8217;s Global Ratings, in which it placed the ratings of the Company
      and National Public Finance Guarantee Corporation (National) on
      CreditWatch Negative.
    </p>
    <p>
      Bill Fallon, MBIA&#8217;s Chief Operating Officer and National&#8217;s Chief
      Executive Officer said, &#8220;We are disappointed by S&amp;P&#8217;s announcement and
      do not believe that a rating downgrade of National is warranted.
      National&#8217;s financial strength is evidenced by $1.7 billion of excess
      capital above our estimate of S&amp;P&#8217;s AAA requirement. National has also,
      in a relatively short period of time, significantly increased its new
      business activity, as measured both by insured par amount and
      transaction count, as well as the number of intermediaries who have
      recommended purchase of National&#8217;s guarantees. This market acceptance
      has been growing despite an environment where S&amp;P&#8217;s rating on National
      has been one notch lower than its competitors. The strong trading value
      of National&#8217;s wrap further attests to the success of National&#8217;s
      disciplined re-entry into the municipal bond market.&#8221;&#160;Mr. Fallon added,
      &#8220;We will continue to work with S&amp;P during its ongoing review to do
      everything in our power to maintain National&#8217;s AA- credit rating.&#8221;
    </p>
    <p>
      <b>Forward-Looking Statements</b>
    </p>
    <p>
      The information contained in this press release should be read in
      conjunction with our filings made with the Securities and Exchange
      Commission. This release includes statements that are not historical or
      current facts and are &#8220;forward-looking statements&#8221; made pursuant to the
      safe harbor provisions of the Private Securities Litigation Reform Act
      of 1995. The words &#8220;believe,&#8221; &#8220;anticipate,&#8221; &#8220;project,&#8221; &#8220;plan,&#8221; &#8220;expect,&#8221;
      &#8220;estimate,&#8221; &#8220;intend,&#8221; &#8220;will likely result,&#8221; &#8220;looking forward&#8221; or &#8220;will
      continue,&#8221; 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
      risks and uncertainties, the possibility that the Company will
      experience increased credit losses or impairments on public finance
      obligations we insure issued by state, local and territorial governments
      and finance authorities that are experiencing fiscal stress, the
      possibility that MBIA Corp. will have inadequate liquidity to pay claims
      as a result of increased losses on certain structured finance
      transactions, in particular residential mortgage-backed securities
      transactions that include a substantial number of ineligible mortgage
      loans, or a delay or failure in collecting expected recoveries, the
      possibility that loss reserve estimates are not adequate to cover
      potential claims, a disruption in the cash flow from our subsidiaries or
      an inability to access capital and our exposure to significant
      fluctuations in liquidity and asset values within the global credit
      markets as a result of collateral posting requirements, our ability to
      fully implement our strategic plan, including our ability to maintain
      high stable ratings for National and generate investor demand for our
      financial guarantees, deterioration in the economic environment and
      financial markets in the United States or abroad, and adverse
      developments in European sovereign credit performance, real estate
      market performance, credit spreads, interest rates and foreign currency
      levels, the effects of governmental regulation, including insurance
      laws, securities laws, tax laws, legal precedents and accounting rules;
      and uncertainties that have not been identified at this time.
    </p>
    <p>
      These and other factors that could affect financial performance or could
      cause actual results to differ materially from estimates contained in or
      underlying the Company&#8217;s forward-looking statements are discussed under
      the &#8220;Risk Factors&#8221; section in MBIA Inc.&#8217;s most recent Annual Report on
      Form 10-K and Quarterly Report on Form 10-Q, which may be updated or
      amended in the Company&#8217;s subsequent filings with the Securities and
      Exchange Commission. The Company cautions readers not to place undue
      reliance on any such forward-looking statements, which speak only to
      their respective dates. The Company undertakes 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.
    </p>
    <p>
      MBIA Inc., headquartered in Purchase, New York is a holding company
      whose subsidiaries provide financial guarantee insurance for the public
      and structured finance markets. Please visit MBIA's website at <u>www.mbia.com</u>.
    </p>
    <p>

    </p>
    <p>
      CONTACT:<br><b>MBIA Inc.</b><br>Greg Diamond, 914-765-3190<br>Investor
      and Media Relations<br><u><b>greg.diamond@mbia.com</b></u>
    </p>
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