MBIA Asks Fitch to Withdraw Insurer Ratings

MBIA Inc,the world's largest bond insurer, on Friday said it had asked Fitch Ratings to withdraw its insurer financial strength ratings for six units, including MBIA Insurance Corp., its main bond insurance arm.

Fitch is the only one of the three major U.S. credit rating agencies that was still reviewing MBIA's critical "AAA" ratings for a possible downgrade. It has also been faster than larger rivals Moody's Investors Service and Standard & Poor's to downgrade other bond insurers' ratings.

MBIA said in a statement that Fitch's rating process "differs in many significant respects from those of the other rating agencies, which affects how investors assess value."