Assured Guaranty (NYSE:AGO) In response to the downgrade by Moody's Investors Service of the insurance financial strength rating of bond insurer Assured Guaranty Corp. (AGC) to Aa3 from Aa2 and Moody's affirmation of the Aa3 insurance financial strength rating of Assured Guaranty Municipal Corp. (AGM), Dominic Frederico, President and Chief Executive Officer of Assured Guaranty Ltd. (NYSE:AGO) recently made the following statement.
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"We are pleased that AGC and AGM have both maintained Moody's ratings in the double-A rating category, a rating that connotes significant financial strength in today's economic environment. In assigning these ratings, Moody's has put our insured residential mortgage exposures through a revised stress loss scenario, which is based on an extremely pessimistic view of the future performance of residential mortgage exposures. Even under Moody's stressful scenario, the Assured companies' combined $12.5 billion of claims-paying resources were more than sufficient to meet all projected obligations. We are committed to maintaining the highest possible ratings and plan to implement a capital plan to meet rating agency requirements to maintain double-A ratings. Moreover, these capital initiatives, which entail external reinsurance that has already been negotiated, intercompany capital support and approximately $300 million of additional capital, are to solely support rating agency capital requirements. In the absence of true capital regulation by federal or state authorities, we believe this is in the best interests of the Company.
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