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. Moody's downgrades MBIA's rating to A2; outlook is negative
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<br />REDISTRIBUiED OR RESOLD, OR STORED FOR SUBSE��UE�d"'' U�E �OR A'�Y SUCit PURPflSE, 1P: 1'�HUL�� OR i'd AAfi EN AFlY
<br />FORh1 OR h1APffVER OR F3Y RPdY F'lE�,(VS t�'IHATSOEVER, BY ArJY �Ei25CP. t�J;THC�T h10G[?Y 5�RIOR 4":R?T?Ef: COP•lSEP1F HII
<br />:�`amaCOr ccr,;air:ed here�n r.s aGta �2�: :.�y f^�f�CY'S frer� ��ui�es ;eheved f�� it to t^_ accura*_e �€�.d re= ab e Seca�se �,( tf•:F
<br />Dos<_��" �y cf r��man .r :-�echarn:af errer a5 L^lEII d5 JCf-tt fac`o-,, hcr.�v�. c�c'i �r-tor•na_�er c provid� ^as ,:. „:�t•€;: v>�ar=��:y
<br />of any kind arc P•100LY'S, m Fa-t�c�lar, makes nc repE o-� o� ::a�rar-ty, °>r��e�s cr im�l,e�i, as io ;F�e ���:��acy, time!ines�.
<br />cumpleieness. mercnantab�fity �r fEtress fer �r,y �,arrii�la� G;�_�;�o�:::,F anY suct� �ifcrrTrzt�o�i. ���;:;�r r�o circuEn�;�,� ces sf�a!f
<br />f�tOODY'S ha�•� ar.y Iiat.�hCy :o ar:.y pers�n o� e�t :y fcr (a; �r,y foss �r dar��age :� �:h�ie o: ir� �art �a:�sed b•y, ;e��rlt ��g f�o:.i, cr
<br />�elat�r�g tc, ary errcr ;reghgent cr �the�rnse) �r et c���.:�Ysta�tce ��� ccntn�c�rc} ti5nt��n cr c�ts de �h? c�rFt�� �f €•10�JL1"S e.
<br />any ar �ts direct�rs, cfFrr_e:�s, 2rr�plovees er accr-ts m t ;x.ith ft-r proa.reEYaert, cri;eci.on, cemFilat e�, art.a�y�
<br />n:erprelat:o�, comrnur:icatron, p�,blFCat:on o- de'�v� ry cf a°�y =ucr� �`��mahon, er ;b} ar,y direct, �d�recE, �Fec �.�, ccrsce.�c�t-<:f,
<br />cempe_nsa_cry or rrci�ei�ta'- �amage<_ wtatsoever �irc!�,drr;�_ ��: _ho�t � °cst C;rcfits), evz� if P�iCf{iDY'S � adv�se�f ;n
<br />zcva�ce of tre ocssi6� .�� cf su�7 damages, -es�.ltrrg f-om i��e u�e cf or �a�ility t� �se, «ny ��:ch -�fo°ir�at_o� �l :redit �a_�ncs
<br />zne `inanc:al �epor.ing a�ia=ysis Ol.�4E'R'GCli,fl�� if any, ccr�t x�;:in� pz•; e` ;-�� :i`errnat o con:airr>d F;ercir. are, and mu�t .ie
<br />censttued scicly as, sta�e€nen[� �` o�rriie,n and noe s:aternerU eP `act or recorr�� to p�,rchase. sell ��r ���e�c ar,y
<br />securit ?�. id0 \°JRRRAPJTI`, EXFRES� OR INtPLIED, FS TO TNE kCCURP.CY, TIf�1ELIhlESS, CG��1PLETENESS, h1ER�HA�JTABILITY OR
<br />FiTNE55 FCR ANY PARTICUE1tR FURFOSE OF ANY SI�C_H RAT"iP�fc: OR OTHER OPIfVFOfJ OR TNFORMATIOtd IS C�fV�tJ CR :"•iP.f�F BY
<br />MOODY'S IP! AFJY FCRh�t OR P1APlPJER :^J?-IATSOEVFR E�;C.`'.'�:�^� ��' ;�'�e' :,;.�inic� •-�ust te :ve e�1ec. sa[ely �s5 t:r� f3�;i,r "'� c:iy
<br />:�ves.^�ent cetis�cr made by or or� 7ehaff e- a�iy :�sc-r of _he tr.`errr�a;ron �crta�ned he�e�n, erc eac� s�c�i us��� n BCCOF4�l��9IV
<br />mzke {ts ov:r study a�d evaiE.atioi� cf ea_h sec�ntY anc� �` czr_h �ss:��r zr,d 4�arartor �f, znd C2[h p�c•v�der �f : ed„ =t;-:�ost `a�,
<br />eaen secisrity t��t �t may consider pf�r���asir�. hcidir� cr se����g
<br />hi00DY'S her°by discioses i=�a: ^�o<_t iss�er� cf debt secu� rt:2s ;;��auoir.c c�rpurat2 a"iC; mcrrcipal tcr ;s, te.'�er _i.rE:=_, rct°s arc
<br />commercia� �a�erj ar:a p�e`er �tcc:c ra[ed by h10CDY`� h�vc, �rfor :c as�igrmen; cf zr. f r�tire, ao�eec �e �a; to hiOCCY'S fer
<br />Gppr<.isai a�d ratin� s2 v�ces rerderec 5y it fees ranc,^� trc s1,50C :c appror,mate€y 57,4CG,OOC�. �•+o,�Gy's C�. or (P•1C0?
<br />ar�c ='s �.vt�clfy-o�rned crc�ld rat�ng ag2��y �ubs:dia�y, F�l�edy s Tr��>;crs Se�v�ce ;hil�j, alse ^air„air paEEae� ar:. _;��ced�res te
<br />address ;he ind2penCence �f h7f5 s rat�ngs a�d ratin3 prece>ses. 3r�fo� E�at;o� reqa�dFr-c ceita=�� affiliat-ons that inay �,cist
<br />�et�Heen d�rectcrs o£ h1C0 and rated 2 ersd betVticer e-•�+tr�s :+Fc �,e d �a:�ngs `-om f�VIS ar�d have aiso ��rbliry repcited to
<br />;t SEC a� o,ti��T inEe�2st in hiCO cf -- o-e �han S°%��, is ;•oslcd a���T�ally an F1no�y'; e✓ebsiie at N:ww^: mec�y;.cem �:nd�r the
<br />!�eadin� "Sh�[ehc,icer Relatro�ls - Cer�o�a;e Gov2-nance - Drrector a•i� Srarel�a;der G,ffEfiaUo� Po. :y."
<br />http:!/www.moodys.com/moodys/cust/research/MDCdocs/19/2007100004511849. asp?doc... 6/19/2008
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