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Bond Insurers' Ratings Not Threatened By Enron Bankruptcy
Standard & Poors, Dec 2001
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
NEW YORK (Standard & Poor's) Dec. 3, 2001--Bond insurers' ratings are not at risk due to exposures to Enron Corp. and its unregulated subsidiaries. Essentially all of the insurers' exposure comes through CDO structures, where typically, the bond insurers have insured the 'AA', 'AAA', or super 'AAA' tranches. Most of these insured transactions involve credit default swaps rather than outstanding debt obligations. The underlying pools must suffer multiple obligor defaults before the insured tranches are at risk of default. None of the insurers has any direct exposure to Enron and its unregulated subsidiaries while some may have other exposure, all of which is considered as not material, including trade credit reinsurance or where Enron is an asset manager in a...
Companies mentioned in this report are: Ambac Assurance Corp.,Financial Guaranty Insurance Co.,Assured Guaranty Municipal Corp.,Enron Corp.,Radian Reinsurance Inc.,MBIA Insurance Corp.,Assured Guaranty Corp,Radian Asset Assurance Inc.,RAM Reinsurance Co Ltd.,ACA Financial Guaranty Corp.,Syncora Guarantee Inc.,Syncora Guarantee Re Ltd.,Sompo Japan Financial Guarantee Insurance Co. Ltd.
Action: S&P Event
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