MBIA Loses AAA Insurer Rating From Fitch Over Capital

You have to be impressed with the gall of these guys:

Fitch issued the new, lower rating even though Armonk, New York-based MBIA asked the ratings company last month to stop assessing its credit worthiness. The two companies disagree over how much capital MBIA needs to absorb losses on the bonds it insures. Moody's Investors Service and Standard & Poor's both affirmed their AAA ratings earlier this year.

There's your proof that ratings were a farce--MBIA, in plain view under crisis, asks not to be rated by the one company that wants to deliver an unfavorable rating.