New York, September 29, 2016 -- Moody's Investors Service, ("Moody's") has placed the Ba2 insurance financial strength (IFS) rating of MBIA UK Insurance Limited (MBIA UK) on review for upgrade following the announcement on 29 September that MBIA Insurance Corporation (MBIA Corp. -- IFS rating Caa1/negative) has agreed for its wholly owned subsidiary MBIA UK (Holdings) Limited (MBIA UK Holdings -- not rated) to sell MBIA UK to Assured Guaranty Corp. (AGC -- IFS rating A3/stable). The consideration for the acquisition will consist of AGC delivering approximately $347 million principal amount of Zohar II 2005-1 notes (guaranteed by MBIA Corp.) that are owned by AGC to MBIA UK Holdings in exchange for all of the outstanding shares of MBIA UK and $23 million in cash. The transaction is expected to close in early 2017, pending various regulatory approvals and customary closing conditions.

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