<SEC-DOCUMENT>0001157523-17-001856.txt : 20170626
<SEC-HEADER>0001157523-17-001856.hdr.sgml : 20170626
<ACCEPTANCE-DATETIME>20170626172225
ACCESSION NUMBER:		0001157523-17-001856
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170626
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170626
DATE AS OF CHANGE:		20170626

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:		17930641

	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>a51580454.htm
<DESCRIPTION>MBIA INC. 8-K
<TEXT>
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      <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-family: Times New Roman; font-size: 10pt">June
      26, 2017</font><font style="font-family: Times New Roman; font-size: 10pt"><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="width: 100%; font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="text-align: center; width: 31%; padding-left: 0.0px">
          <b>Connecticut</b>
        </td>
        <td style="width: 4%">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; width: 30%; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>1-9583</b>
        </td>
        <td style="width: 4%">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; width: 31%; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>06-1185706</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; width: 31%; padding-left: 0.0px">
          <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="text-align: center; width: 30%; padding-left: 0.0px">
          (Commission File Number)
        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="text-align: center; width: 31%; padding-left: 0.0px">
          (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="width: 100%; font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="text-align: center; width: 50%; padding-left: 0.0px">
          <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="text-align: center; width: 50%; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>10577</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: center; width: 50%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Address of principal executive offices)
          </p>
        </td>
        <td valign="bottom" style="text-align: center; width: 50%; padding-left: 0.0px">
          (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-family: Arial Unicode MS; font-size: 12pt">&#8414;</font>
      Written communications pursuant to Rule 425 under the Securities Act (17
      CFR 230.425)<br><font style="font-family: Arial Unicode MS; font-size: 12pt">&#8414;</font>
      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
      CFR 240.14a-12)<br><font style="font-family: Arial Unicode MS; font-size: 12pt">&#8414;</font>
      Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))<br><font style="font-family: Arial Unicode MS; font-size: 12pt">&#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="width: 100%; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt; text-indent: 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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
    <p style="text-align: left">
      <br>
      <b>Item 7.01.&#160;&#160;&#160;&#160;&#160;REGULATION FD DISCLOSURE.</b>
    </p>
    <p>
      On June 26, 2017, National Public Finance Guarantee Corp. (&#8220;National&#8221;),
      an indirect subsidiary of MBIA Inc. (the &#8220;Company&#8221;) issued a press
      release. National has posted the release on its website,
      www.nationalpfg.com, in the &#8220;news&#8221; section, under the &#8220;press release&#8221;
      tab.&#160;&#160;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 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 26, 2017, Standard &amp; Poor&#8217;s Global Ratings (&#8220;S&amp;P&#8221;) announced
      that it has lowered its financial strength rating on National to &#8216;A&#8217;
      from &#8216;AA-&#8217; and its long-term counterparty credit rating on the Company
      to &#8216;BBB&#8217; from &#8216;A-&#8217;, each with a Stable Outlook. It also removed its
      ratings on National and the Company from CreditWatch Negative where they
      were placed on June 6, 2017.&#160;&#160;The Company has posted the announcement on
      its website, www.mbia.com, in the &#8220;Investor Relations&#8221; section, under
      the Ratings Agency Reports&#8221; tab.
    </p>
    <p style="white-space: nowrap">
      <b>Item 9.01.&#160;&#160;&#160;&#160;&#160;FINANCIAL STATEMENTS AND EXHIBITS.</b>
    </p>
    <p style="white-space: nowrap">
      99.1&#160;&#160;Press Release issued by National, dated June 26, 2017.
    </p>
    <div style="width: 100%; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt; text-indent: 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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
    <p>
      <b>Forward-Looking Statements</b><br><br>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, 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>
    <div style="width: 100%; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt; text-indent: 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="color: black; height: 1.5pt">

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

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

    </p>
    <p style="text-align: center">
      <b>SIGNATURES</b>
    </p>
    <p style="text-align: left; text-indent: 30.0px">
      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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    <table cellspacing="0" style="width: 100%; font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td style="width: 57%">
          &#160;
        </td>
        <td colspan="2" valign="top" style="text-align: left; padding-left: 0.0px">
          <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>
      <tr>
        <td valign="top" style="text-align: left; width: 57%; padding-bottom: 2.0px; padding-left: 0.0px">
          <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="text-align: left; width: 30%; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ Jonathan C. Harris
          </p>
        </td>
        <td valign="top" style="text-align: left; width: 10%; padding-bottom: 2.0px; padding-left: 0.0px">
          <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="text-align: left; width: 30%; padding-left: 0.0px">
          <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="text-align: left; width: 30%; padding-left: 0.0px">
          <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 26, 2017
    </p>
    <p>

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51580454ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>National
      Public Finance Guarantee Corporation Comments on Standard &amp; Poor&#8217;s
      Downgrade of National&#8217;s Financial Strength Rating</b></font>
    </p>
    <p>
      PURCHASE, N.Y.--(BUSINESS WIRE)--June 26, 2017--National Public Finance
      Guarantee Corporation (National), an indirect subsidiary of MBIA Inc.
      (NYSE:MBI), issued the below statement in response to the decision today
      by Standard &amp; Poor's Global Ratings (S&amp;P) to downgrade National&#8217;s
      financial strength rating from AA- to A.
    </p>
    <p>
      &#8220;S&amp;P&#8217;s decision to downgrade National&#8217;s financial strength rating is
      both frustrating and disappointing,&#8221; said Bill Fallon, National&#8217;s Chief
      Executive Officer. &#8220;We&#8217;ve made tremendous progress in growing our new
      business activity and gaining market share over the past few years while
      adhering to stringent credit underwriting criteria that incorporate
      lessons learned from our 44 years of experience as a bond insurance
      company. Given that S&amp;P had rated National one notch lower than its
      competitors, National&#8217;s progress is all the more noteworthy.&#8221;
    </p>
    <p>
      Mr. Fallon added, &#8220;Our competitive position within the financial
      guarantee industry, the purported reason for S&amp;P&#8217;s action, has little
      bearing on National&#8217;s financial strength, which remains substantial.
      National&#8217;s capital resources and operating leverage are well within
      S&amp;P&#8217;s criteria for a Triple-A rating. Consequently, policyholders remain
      well protected despite the downgrade. With $4.6 billion of claims-paying
      resources at March 31, 2017, National has significant assets to satisfy
      its insurance claim obligations, on time and in full.&#8221;
    </p>
    <p>
      <b>Forward-Looking Statements</b>
    </p>
    <p>
      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
      factors, the possibility that MBIA Inc. or National will experience
      increased credit losses or impairments on public finance obligations
      issued by state, local and territorial governments and finance
      authorities that are experiencing unprecedented fiscal stress; the
      possibility that loss reserve estimates are not adequate to cover
      potential claims; MBIA Inc.&#8217;s or National&#8217;s ability to fully implement
      their strategic plan; and changes in general economic and competitive
      conditions. These and other factors that could affect financial
      performance or could cause actual results to differ materially from
      estimates contained in or underlying MBIA Inc.&#8217;s or National&#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, which may
      be updated or amended in MBIA Inc.&#8217;s subsequent filings with the
      Securities and Exchange Commission. MBIA Inc. and National caution
      readers not to place undue reliance on any such forward-looking
      statements, which speak only to their respective dates. National and
      MBIA Inc. undertake 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>
      National Public Finance Guarantee Corporation, headquartered in
      Purchase, New York is the world&#8217;s largest U.S. public finance-only
      financial guarantee insurance company, with offices in New York and San
      Francisco. Please visit National&#8217;s website at <u>www.nationalpfg.com</u>.
    </p>
    <p>
      CONTACT:<br><b>National Public Finance Guarantee Corporation</b><br>Media:<br>Greg
      Diamond, 914-765-3190<br>or<br>Fixed-Income Investor Relations:<br>Kevin
      Brown, 914-765-3385<br>or<br><b>MBIA Inc.</b><br>Investor and Media
      Relations:<br>Greg Diamond, 914-765-3190
    </p>
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