Assured Guaranty Corp. Announces November 2008 U.S. Public Finance Insured Volume
2008-12-04 00:07:02 -
Assured Guaranty Corp. ("Assured" or the "Company"), the principal direct financial guaranty subsidiary of Assured Guaranty Ltd. (NYSE:AGO), announced today that it provided guaranties on 80 transactions totaling $1.6 billion of par insured that priced during November 2008. These transactions represented approximately 6.5% of total new issue U.S. public finance volume for the month and an estimated 60% of insured activity. Assured"s new business activity increased significantly over November 2007, during which Assured provided guaranties on 30 transactions totaling $839 million of par insured, or 2.8% of total new issue U.S. public finance volume and 6.9% of insured activity.
"During the month of November we provided over $450 million in guaranties for infrastructure-related projects, which are crucial to the long-term development of our states and municipalities," commented Mike Schozer, President of Assured Guaranty Corp. "Our country faces significant infrastructure investment needs over the coming decade and we look forward to continuing to work hand-in-hand with municipal issuers and advisors to meet their constituents" essential infrastructure and other financing needs with lower interest rates and secure, stable financings."
Significant infrastructure transactions that priced during the month included an offering by the New Jersey Transportation Trust Fund, for which Assured provided guaranties totaling $150 million on Current Interest Bonds Series 2008 A. Assured also insured $79.5 million of the Chicago Transit Authority"s Capital Grant Receipts Revenue Bonds Series 2008 A, which will be used to fund improvements to the transit system.
Assured was also active in the general government market during the month, helping finance borrowers in 22 states, including $22 million for the St. Louis Municipal Finance Corporation in Missouri, $33 million for the Brentwood Union Free School District in New York and $21 million for the City of Pueblo in Colorado.
Assured Guaranty Corp. is a leading provider of financial guaranty insurance in the U.S. and international public finance, structured finance and mortgage-backed securities markets. Assured Guaranty Corp. is rated triple-A (stable) by Fitch Ratings Inc. and Standard & Poor"s and Aa2 (stable) by Moody"s Investor Service. Assured Guaranty Corp. is licensed in all 50 states, the District of Columbia and Puerto Rico.
Assured Guaranty Ltd. is a Bermuda-based holding company. Its operating subsidiaries provide credit enhancement products to the U.S. and international public finance, structured finance and mortgage markets. More information can be found at www.assuredguaranty.com.
Any forward-looking statements made in this press release reflect the Company"s current views with respect to future events and financial performance 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. For example, the Company"s forward-looking statements, including its statements regarding the expansion of the consumer and mortgage-backed securities business, could be affected by a significant reduction in the amount of reinsurance ceded by one or more of our principal ceding companies, rating agency action such as a ratings downgrade, difficulties with the execution of the Company"s business strategy, contract cancellations, developments in the world"s financial and capital markets, more severe or frequent losses associated with products affecting the adequacy of the Company"s loss reserve, changes in regulation or tax laws, governmental actions, natural catastrophes, the Company"s dependence on customers, decreased demand or increased competition, loss of key personnel, technological developments, the effects of mergers, acquisitions and divestitures, changes in accounting policies or practices, changes in general economic conditions, other risks and uncertainties that have not been identified at this time, management"s response to these factors, and other risk factors identified in the Company?s filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Assured Guaranty Corp.
Public Finance:
Bill Hogan, Senior Managing Director, Public Finance
212-408-6066
bhogan@assuredguaranty.com
or
Equity Investors:
Sabra Purtill, Managing Director, Global Communications
and Investor Relations, 212-408-6044 or 441-278-6665
spurtill@assuredguaranty.com
or
Fixed Income Investors:
Mike Walker, Director, Fixed Income Investor Relations,
212-261-5575
mwalker@assuredguaranty.com
or
Media:
Ashweeta Durani, Vice President, Global Communications,
212-408-6042 or 917-597-2065
adurani@assuredguaranty.com
