Summary: Assured Guaranty Corp

Standard & Poors, May 2004

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Abstract
The 'AAA' financial strength and financial enhancement ratings on Assured Guaranty Corp. (AGC; formerly ACE Guaranty Corp.) continue to be based on the company's commitment, and its progress to date, 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. While progress in 2003 was hampered by industry-wide and company specific factors, the commitment remains in place and progress toward fulfilling it is an important goal for 2004. Also supporting the rating affirmation is the company's solid underwriting and risk management capabilities and its satisfactory capital adequacy as reflected in a margin of safety of...

Companies mentioned in this report are: Assured Guaranty Corp
Action: Affirmed

Assured Guaranty Corp

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