Last week, Fitch Ratings downgraded MBIA Insurance Corp. and its subsidiaries from AAA to AA, stating that the bond insurer’s pro-forma claims paying resources at year-end 2007 now fall below Fitch’s AAA capital targets by $3.4 to $3.8bn.  Instead, Fitch concluded that MBIA’s pro-forma claims paying resources fall squarely within its standards for AA capital.  Fitch removed MBIA from rating watch negative, changing MBIA’s rating outlook to negative.  The rating change was based largely on MBIA’s exposure to structured finance collateralized debt obligations (“CDOs”).  Neither S&P nor Moody’s has followed Fitch’s approach and downgraded MBIA.