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ACE Guaranty Corp.
Standard & Poors, June 2003
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: Full Analysis
Abstract
The financial strength and financial enhancement ratings of ACE Guaranty Corp. (AGC) are based on the significant progress the company has made on its commitment to shift its business focus toward directly written business, which offers attractive opportunities for growth and profitability, while placing less emphasis on financial guarantee reinsurance, which has suffered from comparatively weaker credit and economic characteristics. Also supporting the rating affirmation is the company's solid underwriting capabilities and its strong capital adequacy, as reflected in a margin of safety of 1.5x-1.6x as of Dec. 31, 2002. AGC has evolved over the past several years from a publicly owned financial guarantee reinsurance company to its current status as a hybrid primary/reinsurance company that is part of the...
Companies mentioned in this report are: Assured Guaranty Corp
Action: Affirmed
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