Entries tagged "Assured Guaranty"
On Friday, Dexia SA said it would sell its problematic bond insurance unit to an affiliate of Wilbur Ross as it posted a €1.54 billion ($1.92 billion) third-quarter loss and laid out a restructuring plan....
Always in need of a lift as they continue to take structured finance related hits, the bond insurers rallied Friday on news that No. 2 monoline Ambac Financial Group Inc. wiped one of its largest toxic structured finance exposure off of its books as it agreed to settle an unnamed counterparty's claims against a $1.4 billion collateralized-debt-obligation exposure in exchange for an $850 million cash payment. Ambac shares soared 50.40% on the news to close at $3.79 per share. Ambac in early June announced plans to launch a separate stable municipal bond-only entity, which has yet to materialize. ...
A top triple-A credit rating is a rarity in the troubled world of the bond insurers these days. And the few that still hold onto one are threatened with having it pulled out from under them. The newest on Moody's Investors Service ratings watch list: Assured Guaranty Corp. and Financial Security Assurance Inc., or FSA. ...
