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MBIA and the market were relieved to hear the company kept its AAA credit rating from Standard & Poor's, and stocks surged as a result.

In other moves the company decided to drop its quarterly dividend in order to save millions a year, and they also have instituted a five-year plan to separate its business unit from its municipal division.

In a short-term strategy, they've also decided to stop writing guarantees on asset-backed securities.

Check out the stories:

MBIA Will Halt Asset-Backed Business, Split Units 

MBIA Inc., seeking to stave off a crippling credit rating downgrade, will stop writing guarantees on asset-backed securities for six months and will separate that business from its municipal unit within five years.

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MBIA Keeps Top Ratings, Markets Relieved

MBIA Inc. (NYSE:MBI), the world's largest bond insurer, held onto its top credit ratings from Standard & Poor's on Monday, in a development that soothed stock and bond investors fearing downgrades would roil capital markets.

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MBIA Eliminates Quarterly Dividend

MBIA Inc., a bond insurer fighting to hang on to its top-notch rating, said Monday it is eliminating its quarterly dividend in a move expected to save the company $174 million a year.