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The U.S. Bond Insurance Market Has Shrunk Significantly, Leaving Its Future Uncertain, Article Says
Standard & Poors, January 2010
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
NEW YORK (Standard & Poor's) Jan. 20, 2010--What began in the 1970s as a relatively stable business--insuring U.S. municipal bonds against default--grew significantly in the early 2000s as U.S. bond insurers increased their coverage of structured finance instruments. The exposures in that sector led Standard & Poor's Ratings Services to downgrade many bond insurers. Now, only one active bond insurer remains--Assured Guaranty Corp. (AAA/Negative/--)--and the future of the bond insurance industry is uncertain, said an article published today by Standard & Poor's, titled "For The U.S. Bond Insurance Market, There May Be No Turning Back." "Taking into account the recent market stress, the decline of the large well-established insurers, the potential for new entrants, and possible alternatives to bond insurance...
Companies mentioned in this report are: Assured Guaranty Corp
Action: General Comment
Assured Guaranty Corp