Summary: Ratings On 10 Assured Guaranty Municipal Corp.-Insured And Bank Of America N.A. SBPA-Backed Issues Lowered To ?AA-/A-1? And ?AA-?; Off Watch Negative; Residual Certificates; Tender Option Certificates/Bonds Feb 12
Standard & Poors, February 2012
Abstract
Standard & Poor's Ratings Services lowered its ratings on 10 Assured Guaranty Municipal Corp.-insured and Bank of America N.A. standby bond purchase agreement (SBPA)-backed U.S. public finance issues to 'AA-/A-1' and 'AA-' from 'AA+/A-1' and 'AA+', and removed from CreditWatch with negative implications. These actions follow Standard & Poor's Nov. 30, 2011, downgrade of its rating on Assured Guaranty Municipal Corp. to 'AA-' from 'AA+', and removal from CreditWatch with negative implications (please see "Assured Guaranty Ltd. And Operating Companies Downgraded; Outlook Stable," published Nov. 30, 2011, on RatingsDirect on the Global Credit Portal). The long-term components of the ratings are based on bond insurance policies provided by Assured Guaranty Municipal Corp. The short-term components of the ratings are based...
Companies mentioned in this report are: New Jersey,Bank of America N.A.,Assured Guaranty Municipal Corp.
Action: Downgraded
Action: Removed From CreditWatch
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
New Jersey,Bank of America N.A.,Assured Guaranty Municipal Corp.
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