S&P says analysis already reflects MBIA's CDOs

NEW YORK, Dec 20 (Reuters) - Standard & Poor's on Thursday said new disclosures by MBIA Inc (MBI.N) of its exposure to collateralized debt obligations are already reflected in its rating analysis.

MBIA said in a statement released on its Web site late on Wednesday that it has exposure to $30.6 billion of total CDOs net par that it insures. MBIA, the world's largest bond insurer, also is vulnerable to $8.1 billion of CDOs backed by high-grade collateral, 85 percent of which are risky bonds known as CDOs of CDOs, or CDO squared.

S&P on Wednesday changed its rating outlook on MBIA to negative from stable, indicating a rating downgrade is more likely over the next two years. (Reporting by Dena Aubin; Editing by Tom Hals)