Moody's cuts Channel Re, MBIA's reinsurer

``Moody's Investors Service on Friday cut its top "Aaa" ratings on Channel Reinsurance, which provides reinsurance of policies written by bond insurer MBIA Inc, due to its exposures to residential mortgage-backed debt... Moody's cut Channel Re's insurer financial strength rating three notches to "Aa3," the fourth-highest investment grade, from "Aaa."'' -- Baby steps...