Press Releases

National Files Adversary Complaint to Compel PREPA to Deposit Pledged Special Revenues with Bond Trustee

Tue, 8 August 2017

PURCHASE, N.Y. --(BUSINESS WIRE)-- National Public Finance Guarantee Corporation ("National"), an indirect subsidiary of MBIA Inc. (NYSE:MBI), said today that National and other creditors (“the Creditor Group”) have filed an Adversary Complaint in the U.S. District Court for the District of Puerto Rico seeking to compel the Puerto Rico Electric Power Authority ("PREPA") to deposit revenues with the bond Trustee...
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National Public Finance Guarantee Corporation Takes Legal Action to Lift the PROMESA Stay to Seek the Appointment of a Receiver and Compel a Rate Increase in Accordance with Puerto Rico law and PREPA’s Trust Agreement

Tue, 18 Jul 2017

PURCHASE, N.Y. --(BUSINESS WIRE)-- National Public Finance Guarantee Corporation (“National”), an indirect subsidiary of MBIA Inc. (NYSE:MBI), today announced that National, along with the Ad Hoc Group of PREPA bondholders, Assured Guaranty Corp., Assured Guaranty Municipal Corp. and Syncora Guarantee Inc. (“the Creditor Group”), has filed a motion in the U.S. District Court for the District of Puerto Rico to lift the PROMESA stay...
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National Criticizes Puerto Rico Oversight Board For Its Improper and Unfortunate Decision to Authorize Title III Bankruptcy Filing for PREPA

Fri, 30 Jun 2017 4:30 PM

PURCHASE, N.Y. --(BUSINESS WIRE)-- National Public Finance Guarantee Corporation (“National”), an indirect subsidiary of MBIA Inc. (NYSE:MBI), said today it believes the Financial Oversight and Management Board for Puerto Rico (the “Oversight Board”) has violated the Puerto Rico Oversight, Management, and Economic Stability Act (“PROMESA”)...
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National Takes Action to Extend PREPA Restructuring Support Agreement

Thu, 29 Jun 2017 1:39 PM

PURCHASE, N.Y. --(BUSINESS WIRE)-- National Public Finance Guarantee Corporation (National), an indirect subsidiary of MBIA Inc. (NYSE:MBI), today announced that it and the other supporting creditors offered the Puerto Rico Electric Power Authority (“PREPA”) an extension of the Restructuring Support Agreement (“RSA”) until June 30, 2017...
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National Public Finance Guarantee Corporation Issues Statement on Puerto Rico Oversight Board Decision to Not Approve PREPA RSA

Wed, 28 Jun 2017 12:19 PM

PURCHASE, N.Y. --(BUSINESS WIRE)-- National Public Finance Guarantee Corporation (National), an indirect subsidiary of MBIA Inc. (NYSE:MBI), today issued the following statement in response to the announcement by the Financial Oversight and Management Board for Puerto Rico (the “Oversight Board”) that it did not approve the proposed Puerto Rico Electric Power Authority (“PREPA”)...
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National Public Finance Guarantee Corporation Files Lawsuit to Ensure Viability of Puerto Rico Electric Power Authority

Tue, 27 Jun 2017 9:17 AM

PURCHASE, N.Y. -- (BUSINESS WIRE) -- National Public Finance Guarantee Corporation (National), an indirect subsidiary of MBIA Inc. (NYSE:MBI), today announced that National has filed a complaint against the Financial Oversight and Management Board for Puerto Rico...
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National Public Finance Guarantee Corporation Comments on Standard & Poor's Downgrade of National's Financial Strength Rating

Mon, 26 Jun 2017 1:36 PM

PURCHASE, N.Y. -- (BUSINESS WIRE) -- 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 & Poor's Global Ratings (S&P) to downgrade National’s financial strength rating from AA- to A.
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National Public Finance Guarantee Corporation Comments on the Complaint it Filed Challenging the Puerto Rico Emergency Moratorium and Financial Rehabilitation Act

Wed, 15 Jun 2016 12:45 PM

PURCHASE, N.Y. -- (BUSINESS WIRE) -- National Public Finance Guarantee Corporation (National), an indirect subsidiary of MBIA Inc. (NYSE: MBI), released the following comments regarding the complaint it filed today challenging the Puerto Rico Emergency Moratorium and Financial Rehabilitation Act (Moratorium Act).
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S&P Affirms National Public Finance Guarantee Corporation's AA- Financial Strength Rating and Stable Outlook

Wed, 8 Jul 2015 3:14 PM

PURCHASE, N.Y. -- (BUSINESS WIRE) -- National Public Finance Guarantee Corporation (National), an indirect subsidiary of MBIA Inc. (NYSE: MBI), today announced that Standard & Poor's Ratings Services (S&P) has affirmed its AA- financial strength rating of National with a Stable Outlook.
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National Public Finance Guarantee Corporation Announces Various Puerto Rico Obligors Made all Required Principal and Interest Payments due July 1, 2015 on National-insured Bonds; No Claims on Insurance Policies

National Among a Group of Insurers Providing Short-Term Bridge Financing to the Puerto Rico Electric Power Authority (PREPA)
Wed, 1 Jul 2015 1:40 PM

PURCHASE, N.Y.--(BUSINESS WIRE)--National Public Finance Guarantee Corporation (National), an indirect subsidiary of MBIA Inc. (NYSE: MBI), today announced that the Puerto Rico Electric Power Authority (PREPA) and all other Puerto Rico-related obligors with National insured debt service payments due July 1, 2015, made such payments as scheduled. As a result, there were no claims on any of National’s insurance policies.
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Andrew Nakahata Named Managing Director and Head of National Public Finance Guarantee Corp.’s Western Region

Mon, 18 May 2015 10:07 AM

PURCHASE, N.Y.--(BUSINESS WIRE)--National Public Finance Guarantee Corporation (National), an indirect subsidiary of MBIA Inc. (NYSE: MBI), today announced that Andrew Nakahata will join the company as Managing Director and Head of...
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Thomas J. Weyl to Join National Public Finance Guarantee Corp. as Head of New Business Development

Thu, 2 Oct 2014 3:05 PM

PURCHASE, N.Y.--(BUSINESS WIRE)--National Public Finance Guarantee Corporation (National), an indirect subsidiary of MBIA Inc. (NYSE: MBI), today announced that Thomas J. Weyl will join the company as Managing Director and...
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National Public Finance Guarantee Corp. Becomes Primary Insurer on Previously Reinsured FGIC Policies

Mon, 19 Aug 2013 3:34 PM

ARMONK, N.Y.--(BUSINESS WIRE)--National Public Finance Guarantee Corporation (National), an indirect subsidiary of MBIA Inc. (NYSE: MBI), today announced that the Plan of Rehabilitation for Financial Guaranty Insurance Company (“FGIC”) that includes a Novation Agreement between FGIC and National has become effective as of August 19, 2013 (the “Effective Date”). Covered Policies (as defined in the Novation Agreement), that previously benefited from the reinsurance agreement and second to pay poli...
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National Public Finance Guarantee Corporation Comments on its Exposure to the City of Detroit, Michigan

Tue, 05 Mar 2013 2:56 PM

ARMONK, N.Y.--(BUSINESS WIRE)--In response to investor inquiries, National Public Finance Guarantee Corporation (National), an indirect subsidiary of MBIA Inc. (NYSE: MBI), today confirmed that it has approximately $100.7 million of insured exposure to the general obligation debt of the City of Detroit, Michigan. National has additional exposures to various City of Detroit issues totaling $2.4 billion that are secured by distinct revenue streams. The following is a summary of National’s insured...
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National Public Finance Guarantee Corporation Comments on its Exposure to the City of San Bernardino, California

Thu, 12 Jul 2012 9:44 AM

ARMONK, N.Y.--(BUSINESS WIRE)--In response to investor inquiries, National Public Finance Guarantee Corporation (National), an indirect subsidiary of MBIA Inc. (NYSE: MBI), today confirmed that it has approximately $33 million of insured exposure to the City of San Bernardino, California, $18 million of which is backed by the City’s general fund. The following is a summary of National’s insured exposure to various bonds issued by the City of San Bernardino: Issues Exposure (Gross) San Be...
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National Public Finance Guarantee Corporation Comments on its Exposure to the City of Stockton, California

Mon, 05 Mar 2012 10:33 AM

ARMONK, N.Y.--(BUSINESS WIRE)--In response to investor inquiries, National Public Finance Guarantee Corporation (National), an indirect subsidiary of MBIA Inc. (NYSE: MBI), today confirmed that it has approximately $224 million of insured exposure to the City of Stockton, California, $89 million of which is backed by the City’s general fund. “Bonds issued by the City of Stockton, California and insured by National are fully backed by National’s financial strength and claims-paying resources. In...
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National Public Finance Guarantee Corp. Study Expects Revenue Pressures to Lead to an Acceleration of Consolidation in the Health Care Sector as Not-for-Profit Hospitals Prepare for Reform

Thu, 12 May 2011 3:38 PM

ARMONK, N.Y.--(BUSINESS WIRE)--National Public Finance Guarantee Corp. (“National”) today released a study on the operating environments of our nation’s not-for-profit, acute care hospitals in light of current and impending changes due to health care reform. The study concludes that, despite its current state of relative stability, not-for-profit hospitals will experience more volatile revenues leading to an acceleration of consolidations as weak or poorly positioned hospitals struggle to stay r...
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National Public Finance Guarantee Corp. Study Finds the Commonwealth of Puerto Rico Continues Toward Fiscal Stabilization Despite Recession and Obstacles Ahead

Wed, 02 Mar 2011 4:36 PM

ARMONK, N.Y.--(BUSINESS WIRE)--National Public Finance Guarantee Corp. (“National”) today released a study on the economic and political environments of Puerto Rico, and their impacts on the Commonwealth’s ability to manage its fiscal affairs. The study concludes that, despite the island enduring its longest recession since the Great Depression, recently implemented economic stabilization measures should allow the Commonwealth and its debt issuers to improve their ability to raise capital and in...
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Adam T. Bergonzi Named Chief Risk Officer of National Public Finance Guarantee Corporation

Mon, 15 Nov 2010 1:52 PM

ARMONK, N.Y.--(BUSINESS WIRE)--National Public Finance Guarantee Corporation (National), an indirect subsidiary of MBIA Inc. (NYSE: MBI), announced today that Adam T. Bergonzi has joined the company as Managing Director and Chief Risk Officer. Reporting to William C. Fallon, Chief Executive Officer, Mr. Bergonzi will be responsible for National’s risk management activities and its insured portfolio management function. Mr. Bergonzi joins National with extensive experience in municipal credit ana...
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Investor Owned Utility Sector Benefits from Constructive Regulation but will it Continue? New Study Reveals Challenges Ahead

Tue, 27 Jul 2010 1:54 PM

ARMONK, N.Y.--(BUSINESS WIRE)--In a study released today on the electric Investor Owned Utilities (IOU) sector, National Public Finance Guarantee Corporation (National) notes that IOUs have largely recovered from the turmoil of the last decade, albeit with modestly weaker credit profiles, primarily due to effective industry regulation and strong company management. Managing Director John Jordan, National’s Utility Sector Manager, credited the turnaround to a renewed focus on core businesses and...
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William C. Fallon Named CEO of National Public Finance Guarantee Corporation; Thomas G. McLoughlin to Resign Position

Tue, 13 Jul 2010 9:25 AM

ARMONK, N.Y.--(BUSINESS WIRE)--National Public Finance Guarantee Corporation (National), an indirect subsidiary of MBIA Inc. (NYSE: MBI), announced today that William C. Fallon has been named interim chief executive officer. Mr. Fallon is currently president and chief operating officer of MBIA Inc. Mr. Fallon succeeds Thomas G. McLoughlin, who has announced his intention to resign effective July 23rd to accept a position with UBS Financial Services. The change in executive management does not af...
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New Study Finds Private Higher Ed Institutions are Vulnerable in Today’s Political and Economic Environment

Mon, 07 Jun 2010 11:00 AM

ARMONK, N.Y.--(BUSINESS WIRE)--A study released today by National Public Finance Guarantee Corporation (National), highlights a number of significant changes impacting the financial strength of the U.S. private higher education sector and provides recommendations for how schools can respond to these challenges. “We expect to see greater differentiation in financial performance among private higher education credits as they deal with the impact of a weak economy, tuition that seems to perpetually...
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