New York, May 20, 2016 -- Moody's Investors Service, ("Moody's") has affirmed the Ba1 senior debt rating of MBIA Inc. (MBIA) and the A3 insurance financial strength (IFS) rating of its principal operating subsidiary, National Public Finance Guarantee Corporation (National). In the same rating action, Moody's downgraded the IFS rating of MBIA Insurance Corporation (MBIA Corp.) to Caa1 from B3, concluding a review for downgrade that was initiated on 19 January 2016. The outlook for these ratings is negative.

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