|[March 18, 2014]
S&P Upgrades Assured Guaranty's Operating Subsidiaries to AA Stable
HAMILTON, Bermuda --(Business Wire)--
Standard & Poor's Ratings Services (S&P) has raised to AA Stable Outlook
(from AA- Stable Outlook) the financial strength ratings of bond
insurers Assured Guaranty Municipal Corp. (AGM), Municipal Assurance
Corp. (MAC) and Assured Guaranty Corp. (AGC), European financial
guarantors Assured Guaranty (Europe) Ltd. (AGE) and Assured Guaranty
(UK) Ltd., and reinsurer Assured Guaranty Re Ltd., which are the
principal operating subsidiaries of Assured Guaranty Ltd.
(NYSE:AGO)(together with its subsidiaries, Assured Guaranty).
Following S&P's announcement of the upgrades, Dominic Frederico,
President and CEO, said:
"We are pleased that S&P has recognized the strength of our competitive
position and market acceptance along with our extremely strong capital
base and our pricing discipline.
"As the proven leader in bond insurance, we have a robust business model
and a 30-year track record of service to U.S. and other select financial
"Our model allows us to provide the exceptional value of our insurance
to small, medium and large transactions while maintaining our
disciplined approach to underwriting, enterprise risk management and
"And, with our close to $400 millio in annual investment income and
over $4 billion of unearned premium reserve, we have the resources to
remain patient while looking for opportunities that match both our
pricing and credit criteria.
"With the upgrades of AGM, MAC, AGE and AGC, no other active guarantor
has a higher S&P rating than the AA Stable of our financial guaranty
companies, and MAC's AA+ Stable rating from Kroll Bond Rating Agency is
the highest rating in our industry from any nationally recognized
statistical rating organization."
Cautionary Statement Regarding Forward-Looking Statements:
Any forward-looking statements made in this press release reflect
Assured Guaranty's current views with respect to future events and are
made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Such statements involve risks and
uncertainties that may cause actual results to differ materially from
those set forth in these statements. These risks and uncertainties
include, but are not limited to, those resulting from Assured Guaranty's
inability to maintain our current financial ratings; further actions
that the rating agencies may take with respect to the financial strength
ratings of Assured Guaranty; adverse developments in Assured Guaranty's
insured portfolio; and other risks and uncertainties that have not been
identified at this time, management's response to these factors, and
other risk factors identified in Assured Guaranty's filings with the
Securities and Exchange Commission. Readers are cautioned not to place
undue reliance on these forward-looking statements, which are made as of
March 18, 2014. Assured Guaranty undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a result of
new information, future events or otherwise, except as required by law.
Assured Guaranty Ltd. is a publicly traded Bermuda-based holding
company. Its operating subsidiaries provide credit enhancement products
to the U.S. and international public finance, infrastructure and
structured finance markets. More information on Assured Guaranty and its
subsidiaries can be found at AssuredGuaranty.com.
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