Assured Guaranty Ltd. Operating Companies Dec 11

Standard & Poors, December 2011

Abstract
Strong competitive advantage in the bond insurance industry. Underwriting focus on the low-risk U.S. public finance market. Well-capitalized on a combined basis, with a strong capital adequacy ratio. Weak operating performance in recent years. Susceptibility to continued adverse loss development of U.S. nonprime residential mortgage exposure. Significant concentration risk, which we measure with Standard & Poor's largest obligor test, in the insured portfolio of the consolidated Assured Guaranty Ltd. companies. The 'AA-' financial strength ratings on Assured Guaranty Municipal Corp. (AGM), Assured Guaranty Corp. (AGC), and Assured Guaranty Re Ltd. (AG Re) (combined, the companies) reflect Standard & Poor's view, based on our updated bond insurance criteria, of a strong competitive position and strong capital. However, the consolidated group of...

Companies mentioned in this report are: Assured Guaranty Municipal Corp.,Assured Guaranty Corp,Assured Guaranty Municipal Holdings Inc.,Assured Guaranty (Europe) Ltd.,Assured Guaranty Mortgage Insurance Co.,Assured Guaranty Re Overseas Ltd.,Assured Guaranty Municipal Insurance Co.,Assured Guaranty (Bermuda) Ltd.,Assured Guaranty Re Ltd.,Sutton Capital Trust I,Sutton Capital Trust II,Assured Guaranty Ltd.,Assured Guaranty (UK) Ltd.,Woodbourne Capital Trust I,Woodbourne Capital Trust II,Woodbourne Capital Trust III,Woodbourne Capital Trust IV,Sutton Capital Trust III,Sutton Capital Trust IV
Action: Review

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

Assured Guaranty Municipal Corp.,Assured Guaranty Corp,Assured Guaranty Municipal Holdings Inc.,Assured Guaranty (Europe) Ltd.,Assured Guaranty Mortgage Insurance Co.,Assured Guaranty Re Overseas Ltd.,Assured Guaranty Municipal Insurance Co.,Assured Guaranty (Bermuda) Ltd.,Assured Guaranty Re Ltd.,Sutton Capital Trust I,Sutton Capital Trust II,Assured Guaranty Ltd.,Assured Guaranty (UK) Ltd.,Woodbourne Capital Trust I,Woodbourne Capital Trust II,Woodbourne Capital Trust III,Woodbourne Capital Trust IV,Sutton Capital Trust III,Sutton Capital Trust IV

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