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Assured Guaranty Corp.
Standard & Poors, June 2006
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 'AAA' rating on Assured Guaranty Corp. (AGC) reflects improving direct business results, a strong capital position, and conservative underwriting standards. AGC's revised business plan involves transitioning to a direct financial guarantor from predominately a financial guarantee reinsurer. Direct adjusted gross premiums written in 2005 totaled $127 million, compared with $69 million in 2004. In the asset-backed market, which accounted for 80% of 2005 adjusted gross premiums written, progress is also being made with respect to diversifying by asset type and internationally. In the public finance market, in part because of AGC's split credit rating, the company remains a niche player in sectors less favored by the established 'AAA' companies, although progress is being made here as well. The risk...
Companies mentioned in this report are: Assured Guaranty Corp
Action: Review
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