Despite analysts saying Monday that MBIA would likely keep its AAA rating despite its big first-quarter loss, ratings firm Moody’s said “not so fast” yesterday to it and competitor Ambac Financial after eyeing losses on second mortgages and home-equity lines of credit. The WSJ inside Money & Investing says that “sets up another round of scrambling for capital to preserve credit ratings and imperils their efforts to move beyond the turmoil of early this year.”

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Ryan Chittum is a former Wall Street Journal reporter, and deputy editor of The Audit, CJR's business section. If you see notable business journalism, give him a heads-up at rc2538@columbia.edu. Follow him on Twitter at @ryanchittum.