Municipal Bond Investors Assurance Corp. yesterday announced its new French subsidiary, MBIA Assurance S.A., received triple-A ratings from Moody's Investors Service and Standard & Poor's Corp.

The triple-A ratings should help MBIA Assurance quickly establish itself as a strong presence in the European financial markets. A major factor behind the top-notch ratings is a reinsurance arrangement where the subsidiary will lay off about 90% of its risk to MBIA Corp.

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