MBIA U.K. Insurance Ltd.
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- Virgil Lewis
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1 Primary Credit Analyst: David S Veno, Hightstown (1) ; david.veno@standardandpoors.com Secondary Credit Analyst: Olga Ryabaya, New York (1) ; olga.ryabaya@standardandpoors.com Table Of Contents Rationale Outlook Company Description Business Risk Profile Financial Risk Profile Enterprise Risk Management Liquidity Accounting Considerations Related Criteria And Research DECEMBER 18,
2 Rationale Financial Strength Rating Local Currency BB/Stable/-- Business Risk Profile Weak competitive position given the company's poor geographic diversification and runoff status. Low insurance industry and country risk assessment (IICRA). Financial Risk Profile Very strong capital adequacy. Investment portfolio presents low risk to the financial risk profile. Largest obligor violation. Weak metrics have led to an operating performance score of more vulnerable. Financial flexibility is viewed as neutral to the rating. Other Factors Enterprise risk management (ERM) is viewed as adequate with strong risk controls. Liquidity is adequate. Outlook The stable outlook reflects our view that MBIA UK's capital and liquidity are adequate to meet potential claim payments through The outlook also includes an expectation that the company's competitive position will not improve. Downside scenario We could lower the rating if the company exhibits losses that reduce capital from a very strong level and diminish liquidity. Upside scenario Given that MBIA UK is in run-off, we do not expect to raise the rating in the next 12 months. DECEMBER 18,
3 Company Description MBIA UK is a wholly owned subsidiary of MBIA Insurance Corp. that provides guarantee of both structured finance and public finance debt obligations in selected international markets. The company is in run-off. Business Risk Profile The score for the company's adjusted competitive position is '6', and the industry risk is '2', leading to a business risk profile score of '4'. Competitive position MBIA UK's weak competitive position stems from its weak geographic diversity, run-off status, and lack of near-term revenue growth potential. In run-off, management has focused on commuting, restructuring, and mitigating losses via exposure reduction. We expect the company to remain in runoff with a weak competitive position. Management and governance We view the management and governance of MBIA Inc., the parent holding company, as satisfactory and neutral to our rating on MBIA UK. Its strategy addresses issues within the consolidated insured portfolio to ensure adequate liquidity and protect the company's long-term capital position. These efforts have been successful in commuting various exposures, eliminating tail risk of the insured portfolio, and settling certain reps and warranty putbacks. We have not identified any governance deficiencies in our assessment. Industry risk We believe MBIA UK faces low industry and country risk, as a majority of its insured exposure is to issues in the U.K. Financial Risk Profile The final capital adequacy score is '2', and the operating performance score '5', leading to a financial risk profile score of '4'. Capital and earnings In our view, MBIA UK's capital position is very strong and its capital adequacy--based on our capital adequacy model--is extremely strong. Given the quality of the insured portfolio, we do not expect to see any deterioration in the company's capital adequacy. As of Dec. 31, 2014, MBIA UK had a largest obligor test violation, which weakened the capital adequacy score. Investment risk As of Dec. 31, 2014, more than 50% of MBIA UK's investment portfolio was in government bonds. The fixed-income component (U.S municipal issues and sovereign securities) of the portfolio had a weighted-average credit quality of 'AA'. There have not been any material claim payments in recent years, and it is not expected that the composition of the investment portfolio will change, and so we view it as a low risk to the rating. DECEMBER 18,
4 Operating performance As a result of its run-off state, we expect the stability and quality of MBIA UK's operating performance to weaken, and we view the company's operating performance as more vulnerable. Despite the run-off of par outstanding, MBIA UK continues to recognize net premiums earned on this exposure through the collection of installment premiums. These premiums had a present value of $297 million as of Dec. 31, As the par exposure relating to these premiums runs off, the amount of premiums collected will also decline, placing further pressure on operating metrics. Financial flexibility The overall group's financial flexibility is neutral to the rating. As MBIA Inc. continues to deleverage with the run off of its consolidated insured portfolio, we do not expect there to be a need for the company to raise capital or seek reinsurance. Enterprise Risk Management Our enterprise risk management (ERM) analysis examines whether insurers execute risk management practices systematically, consistently, and strategically across the organization. As a result, we evaluate ERM on a group basis, assigning MBIA UK the group score, which is adequate with strong risk controls. Because MBIA UK is in run-off, management is primarily focused on maintaining solvency and liquidity and--to a lesser extent--optimizing earnings, which we view as neutral to the ERM score. Liquidity We view MBIA UK's liquidity as adequate. Management continues to follow a well-managed short-term investment strategy to balance liquidity needs and maintain solvency. Accounting Considerations We view MBIA UK's accounting policies as consistent with industry standards and neutral to the ratings. Under U.K. law, the company files financial statements in accordance with U.K. generally accepted accounting principles (GAAP). Related Criteria And Research Group Rating Methodology, Nov. 19, 2013 Enterprise Risk Management, May 7, 2013 Management And Governance Credit Factors For Corporate Entities And Insurers, Nov. 13, 2012 Bond Insurance Rating Methodology And Assumptions, Aug. 25, 2011 Use Of CreditWatch And Outlooks, Sept. 14, 2009 Hybrid Capital Handbook: September 2008 Edition, Sept. 15, DECEMBER 18,
5 Ratings Detail (As Of December 18, 2015) MBIA U.K. Insurance Ltd. Financial Strength Rating Local Currency Financial Enhancement Rating Local Currency Holding Company Domicile BB/Stable/-- BB/--/-- MBIA Inc. United Kingdom *Unless otherwise noted, all ratings in this report are global scale ratings. Standard & Poor's credit ratings on the global scale are comparable across countries. Standard & Poor's credit ratings on a national scale are relative to obligors or obligations within that specific country. Issue and debt ratings could include debt guaranteed by another entity, and rated debt that an entity guarantees. DECEMBER 18,
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