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Assured Guaranty Corp. And Financial Security Assurance Inc.
Standard & Poors, July 2009
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
Both companies have a proven track record for credit discipline. Underwriting focus on low-risk U.S. public finance market. Flexibility within the corporate structure to underwrite different lines of business out of separate subsidiaries. Both companies are well-capitalized, with margins of safety well in excess of 'AAA' minimums. Susceptible to continued adverse loss development of U.S. nonprime residential mortgage exposure. Potential impact on market acceptance of Assured's continued, selective insurance of structured finance credits and FSA's structured run-off portfolio. Large single risk exposure to Belgium and France. The insurer financial strength ratings on Assured Guaranty Corp. (Assured) and Financial Security Assurance Inc. (FSA) reflect our view of their strong market position in the bond insurance industry and their solid capital position....
Companies mentioned in this report are: Assured Guaranty Corp,Assured Guaranty Municipal Corp.
Action: Review
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