Economic Woes Continue For ?AAA? Bond Insurers? U.S. Public Finance Business Oct 07
Standard & Poors, October 2007
Abstract
The highly competitive conditions and tight credit spreads that have existed for bond insurers for the past few years in the U.S. public finance market were only intensified by a decline in insured penetration in the first half of 2007. Against this backdrop was a general decline in the 'AAA' rated companies' U.S. public finance risk-adjusted pricing indices, with the group average falling to 4.71%, the lowest level in the past six years. New issue volume in the U.S. public finance market rose 27% for the first six months of 2007 compared with the same period in 2006. Insured penetration, however, dropped to 48% from 50% in 2006. This is quite surprising, as the sectors that experienced the strongest growth...
Companies mentioned in this report are:
- Ambac Assurance Corp.
- Financial Guaranty Insurance Co.
- Assured Guaranty Municipal Corp.
- MBIA Insurance Corp.
- Assured Guaranty Corp
- Syncora Guarantee Inc.
- CIFG Assurance North America Inc.
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
- Ambac Assurance Corp.
- Financial Guaranty Insurance Co.
- Assured Guaranty Municipal Corp.
- MBIA Insurance Corp.
- Assured Guaranty Corp
- Syncora Guarantee Inc.
- CIFG Assurance North America Inc.
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