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Longtime MBIA (NYSE:MBI) critic Bill Ackman, in a letter to Fitch Ratings, which is making the rounds, said:

Does a company deserve your highest Triple A rating whose stock price has declined 90%, has cut its dividend, is scrambling to raise capital, completed a partial financing at 14% interest (now trading at a 20% yield one week later), has incurred losses massively in excess of its promised zero-loss expectations wiping out more than half of book value, with Berkshire Hathaway as a new competitor, having lost access to its only liquidity facility, and having concealed material information from the marketplace? Can this possibly make sense?

No, but then again, as I’ve written and said a number of times over the past few years, as goes MBIA’s rating, so goes the market. Its Triple-A rating, for better or worse, is the thumb in the dike.

Source: How Can MBIA's Triple A Rating Make Sense?