S&P cuts 6 MBIA-insured bond issues to CCC

March 20 Wed Mar 20, 2013 12:25pm EDT

March 20 (Reuters) - Standard & Poor's Ratings Services on Wednesday cut the ratings of six housing revenue bonds insured by MBIA Insurance Corp to CCC from B. This action follows S&P's downgrade of MBIA's rating to CCC from B on Feb. 28, 2013.

The issues affected are:

Alameda Housing Authority, Calif. multifamily housing revenue refunding bonds (Ginnie Mae collateralized - Independence Plaza Apartments) series 1998A;

Denver City and County, Colo. Fannie Mae collateralized multifamily housing revenue bonds (Capitol Heights Apartments) series 1999 A and B;

Nevada Housing Division multi-unit housing revenue bonds (Diamond Creek Apartments Project) series 1999A;

Nevada Housing Division multi-unit housing revenue bonds (Diamond Creek Apartments Project) series 1999B;

San Jose, Calif. multifamily housing revenue bonds (FHA-insured mortgage loan - Sixth and Martha Family Apartments - Phase II) series 2001C; and

San Jose, Calif. multifamily housing revenue bonds (Village Parkway Senior Apartments) series 2001D.

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