S&P Reaffirms Assured Guaranty’s AA Financial Strength Ratings Under Revised Methodology
November 08 2019 - 10:50AM
Business Wire
Assured Guaranty Ltd. (NYSE:AGO) announced today that S&P
Global Ratings (S&P) has affirmed the AA financial strength
ratings on U.S. bond insurers Assured Guaranty Municipal Corp.
(AGM), Municipal Assurance Corp. (MAC) and Assured Guaranty Corp.
(AGC); U.K. financial guarantor Assured Guaranty (Europe) plc
(AGE); and Bermuda insurers Assured Guaranty Re Ltd. (AGRe) and
Assured Guaranty Re Overseas Ltd. (AGRO). The outlooks of all the
Assured Guaranty entities are stable.
In its November 7th research update, S&P noted Assured
Guaranty’s:
- “excellent capital and earnings”
- “exceptional” liquidity
- “record of credit discipline”
- “very strong competitive position”
- “leadership position in the U.S. public-finance market”
- “well-diversified underwriting strategy” with a
“well-thought-out and measured” approach to the global structured
finance and international markets
The affirmation incorporates the revised “Insurers Rating
Methodology” and “Methodology and Assumptions for Analyzing Bond
Insurance Capital Adequacy” articles that S&P released in July
of this year. The same ratings had been affirmed by S&P in
June.
In response to the report, Dominic Frederico, President and CEO
of Assured Guaranty said:
“S&P has affirmed our financial guaranty subsidiaries’ AA,
stable financial strength ratings twice in less than five months,
evaluating our capital adequacy once under its previous criteria
and now under its revised criteria. These ratings, the highest that
S&P currently assigns to any active bond insurer, reflect the
paramount importance we place on maintaining the financial strength
of our insurance subsidiaries through disciplined underwriting and
premium pricing and prudent approaches to strategic
diversification, investments, enterprise risk management and
capital management.”
Any forward-looking statements made in this press release
reflect Assured Guaranty’s current views with respect to future
events and are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Such statements
involve risks and uncertainties that may cause actual results to
differ materially from those set forth in these statements. These
risks and uncertainties include, but are not limited to,
difficulties executing Assured Guaranty’s business strategy; those
risks and uncertainties resulting from changes in rating agency
models or opinions; adverse credit developments in Puerto Rico or
other portions of Assured Guaranty’s insured portfolio and the
impact of those developments on rating agency models and opinions;
other risks and uncertainties that have not been identified at this
time, management’s response to these factors, and other risk
factors identified in Assured Guaranty’s filings with the
Securities and Exchange Commission. Readers are cautioned not to
place undue reliance on these forward-looking statements, which are
made as of November 8, 2019. Assured Guaranty undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by law.
Assured Guaranty Ltd. is a publicly traded (NYSE: AGO)
Bermuda-based holding company. Its operating subsidiaries provide
credit enhancement products to the U.S. and international public
finance, infrastructure and structured finance markets. More
information on Assured Guaranty Ltd. and its subsidiaries can be
found at AssuredGuaranty.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20191108005453/en/
Investor Relations: Robert Tucker, 212-339-0861 Senior Managing
Director, Investor Relations and Corporate Communications
rtucker@assuredguaranty.com Media: Ashweeta Durani, 212-408-6042
Vice President, Corporate Communications
adurani@assuredguaranty.com
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