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Bulletin: Assured Guaranty Corp. And Assured Guaranty Municipal Corp. Ratings Unaffected By Settlement With Bank of America Apr 11
Standard & Poors, April 2011
Abstract
NEW YORK (Standard & Poor's) April 15, 2011--Standard & Poor's Ratings Services today said that the ratings on Assured Guaranty Corp. (AGC; AA+/Stable/--) and Assured Guaranty Municipal Corp. (AGM; AA+/Stable/--) are unaffected by the companies' settlement with Bank of America Corp. (BofA; A/Negative/A-1) relating to certain residential mortgage-backed securities (RMBS) and commercial mortgage-backed securities insured transactions. The settlement includes cash paid at closing, cash paid over the next four quarters, and reimbursement for future claims on a pro rata basis on certain RMBS. The reimbursement for future claims relating to first-lien transactions will require BofA to pay 80% of claims linked to $6.6 billion of underlying collateral losses. The cash settlement of $1.1 billion represents a significant portion of representations...
Companies mentioned in this report are: Assured Guaranty Corp,Bank of America Corp.,Assured Guaranty Municipal Corp.
Action: Bulletin
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.
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