As part of the review, Moody's will focus on the risks to the group presented by MBIA Corp.'s deteriorating CMBS exposure, the effect of a possible regulatory action on MBIA Corp., as well as the risks to National stemming from its secured loan to MBIA Corp. including the potential for stress on the value of its collateral. The rating agency will also assess any potential developments related to putback claims and litigation. RATING RATIONALE -- MBIA INSURANCE CORPORATION The Caa2 IFS rating, on review for downgrade, of MBIA Corp., reflects the insurer's proximity to a possible regulatory action, given its weak liquidity position and the likelihood of large CMBS claims being presented this year.