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MBIA done with major capital raising CEO tells CNBCReuters

Tuesday February 26 2008

NEW YORK, Feb 26 (Reuters) - MBIA Inc is done with significant dilutive capital raising, the company's chief executive said on Tuesday.

Speaking on CNBC television, MBIA CEO Jay Brown said "(n)ever say never, but I think we're through raising significant dilutive capital."

Brown added later: "(W)e might need a little bit more."
Brown said he is hoping the company's market capitalization, which is now around $3 billion, will be closer to $10 billion in five or six years.

MBIA's main unit had its top credit ratings affirmed by Standard & Poor's on Monday and Moody's Investors Service on Tuesday.

Some critics argue the rating agencies are not paying enough attention to the potential risks lurking in MBIA's books. MBIA has active and vocal investors betting on the holding company's demise.

Brown, who last week returned to the CEO position at the world's largest bond insurer, said critics who contend the ratings agencies are ignoring problems at the company are "dead wrong."

http://www.guardian.co.uk/feedarticle?id=7339037

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