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Research Update: Financial Security Assurance Inc. 'AAA' Ratings Placed On CreditWatch Negative Oct 08 Product Image

Research Update: Financial Security Assurance Inc. 'AAA' Ratings Placed On CreditWatch Negative Oct 08

  • Published: October 2008
  • Standard & Poors

FEATURED COMPANIES

  • Sutton Capital Trust I
  • Sutton Capital Trust II
  • MORE

Abstract
On Oct. 8, 2008, Standard & Poor's Ratings Services placed its 'AAA' financial strength rating and counterparty credit rating on Financial Security Assurance Inc. (FSA) on CreditWatch with negative implications. This action follows the rating downgrade to 'A+' from 'AA-' of parent company Dexia S.A.'s core units. The Dexia ratings are on CreditWatch with developing implications (see the Oct. 7 research update on Dexia). In addition, we lowered the counterparty credit rating on Financial Security Assurance Holdings Ltd. (FSA Holdings) to 'A+' from 'AA-' and placed it on CreditWatch with developing implications. As Dexia is the 99.7% owner of FSA Holdings, we view the credit quality of this bond insurance holding company essentially as equal to that of Dexia. We...

Companies mentioned in this report are:
- Assured Guaranty Municipal Corp.
- Assured Guaranty Municipal Holdings Inc.
- Assured Guaranty (Europe) Ltd.
- Assured Guaranty Municipal Insurance Co.
- Assured Guaranty (Bermuda) Ltd.
- Sutton Capital Trust I
- Sutton Capital Trust II

Action: Downgraded
Action: On CreditWatch:Developing
Action: On CreditWatch:Negative

Standard READ MORE >

- Assured Guaranty Municipal Corp.
- Assured Guaranty Municipal Holdings Inc.
- Assured Guaranty (Europe) Ltd.
- Assured Guaranty Municipal Insurance Co.
- Assured Guaranty (Bermuda) Ltd.
- Sutton Capital Trust I
- Sutton Capital Trust II

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