Big day for monolines after MBIA and Ambac results

|About: MBIA Inc. (MBI)|By:, SA News Editor

MBIA (MBI +11.3%) led the way, though management remains circumspect about when its National subsidiary might attain the credit rating necessary to begin writing insurance again - a major catalyst to the bulls on the stock.

CEO Jay Brown on the earnings call (transcript): "All I can say is that we continue to have a positive and active dialogue with the agencies and that we're hopeful that they will rate National in the AA range in the near term ... The decision and the timing remains solely in their hands, and I am not in a position to offer any additional insight to offer at this time."

Others: Ambac (AMBC +4.2%), Assured Guaranty (AGO +5.6%).