NEW YORK (AP) -- Credit ratings agency Moody's Investors Service on Friday affirmed its triple-A ratings on Assured Guaranty Ltd.'s bond-insurance units, citing their "capital adequacy and strengthened market position."The rating outlook remains "stable."
Assured is one of only three major bond insurers -- MBIA Inc., Assured Guaranty Ltd. and Financial Security Assurance -- have maintained "AAA" ratings from all three ratings agencies. Peer CIFG on Wednesday had its crucial financial strength rating cut by S&P to "A+" from "AAA," and Security Capital Assurance Ltd. has been downgraded by all three ratings agencies, including S&P and Fitch.
"Assured's conservative underwriting strategy has resulted in a generally high-quality and well-diversified insurance portfolio, although single-risk concentrations are notably higher than the industry average," Moody's said in a statement. Moody's also said Assured's $40 billion in exposure to pooled corporate debt is "manageable."
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