Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Você está prestes a deixar o site local do Brasil e será direcionado ao site global. Deseja continuar?
Não exibir esta mensagem novamente
Sim
Não
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:
​​

PLEASE READ AND SCROLL DOWN!

By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

Terms of One-Time Website Use

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

I AGREE
Rating Action:

Moody's affirms Assured Guaranty's ratings; AGC's outlook changed to stable

08 Aug 2016

New York, August 08, 2016 -- Moody's Investors Service, ("Moody's") has affirmed the A2 insurance financial strength (IFS) rating of Assured Guaranty Municipal Corp. (AGM) and the A3 IFS rating of Assured Guaranty Corp. (AGC). In the same rating action, Moody's also affirmed the Baa2 senior unsecured debt ratings of both Assured Guaranty US Holdings Inc. (AGUS) and Assured Guaranty Municipal Holdings Inc. (AGMH). The outlook for the ratings of AGM, AGUS and AGMH remains stable, while the outlook for the rating of AGC was changed to stable from negative. A full list of rating actions on Assured Guaranty Ltd. (Assured) and its subsidiaries is provided below.

RATINGS RATIONALE

According to Moody's, Assured's ratings reflect its strong overall capital profile and core earnings power, its ability to underwrite transactions in both the public finance and structured finance markets worldwide through its multiple insurance operating subsidiaries, the ongoing improvement in capital adequacy due to insured portfolio amortization, as well as its leadership position in the financial guaranty insurance sector. These strengths are tempered by the still depressed levels of financial guaranty insurance utilization, which leaves the company with a limited opportunity set within this niche sector. Other challenges include the potential for volatility in earnings and capital arising from large single risk exposures within its insured portfolio, and the firm's elevated levels of below-investment grade risk exposure, including substantial exposures to the Commonwealth of Puerto Rico and its affiliated debt issuers.

On 7 July 2016, Assured reported that its subsidiaries made $205 million in gross debt service payments to holders of insured general obligation (GO) and other bonds on which Puerto Rico and certain of its instrumentalities defaulted on 1 July 2016, shortly after the 30 June 2016 enactment of the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA). As of 30 June 2016, Assured had approximately $5.0 billion of consolidated net par exposure to various Puerto Rico issuers.

Among other provisions, PROMESA establishes a financial oversight board for the Commonwealth of Puerto Rico, places a stay on creditor lawsuits and provides an orderly framework for debt restructuring. We view the enactment of PROMESA to be credit positive for the financial guarantors in that it puts a debt restructuring framework into place while avoiding protracted bondholder litigation. Importantly for the financial guarantors, the law requires that any plan for debt adjustment be consistent with existing priorities of payment and lien structures, indicating potentially better recoveries for legally stronger bonds, such as the commonwealth's GO and guaranteed bonds (Caa3/developing) which make up approximately 36% of Assured's consolidated exposure to Puerto Rico at 30 June 2016.

As part of its analysis of Assured's Puerto Rico exposures, Moody's contemplates a variety of loss given default (LGD) scenarios largely based on the LGD-range implied by Moody's ratings on various Puerto Rico issuers. Moody's most recent analysis suggests that Assured's Puerto Rico related losses are likely to be manageable within the context of its capital resources and core earnings power.

As of 2Q2016, AGM and AGC had approximately $2.1 billion and $1.7 billion, respectively, of total net par exposure to Puerto Rico issuers, representing approximately 56% of AGM's qualified statutory capital (QSC) and 71% of AGC's QSC. In our current base case Puerto Rico loss scenario, AGM's claim losses are expected to be mostly an earnings event with the potential for a modest impact on its capital given AGM's lower sensitivity to Puerto Rico losses and its strong earnings profile. While our stress scenarios indicate that AGC will experience higher levels of losses as a percentage of its capital, the resulting deterioration in capital is expected to remain consistent with AGC's current A3 rating level except in the most adverse scenarios.

RATING RATIONALE - Assured Guaranty Municipal Corp.

AGM's A2 IFS Rating (stable outlook) reflects its strong capital profile, conservative underwriting of US municipal and international infrastructure finance risks and leading market position in the financial guaranty insurance sector. Moody's believes AGM is well-positioned to withstand the pressures arising from large single risk exposures, such as Puerto Rico. AGM's strong capital profile and its ability to organically generate significant capital through premium and investment earnings make its credit profile resilient to a broad range of stress scenarios.

RATING RATIONALE - Assured Guaranty Corp.

According to Moody's, the change in AGC's (IFS rating A3) outlook status to stable from negative reflects AGC's strengthening capital adequacy profile due to an increase in its capital resources resulting from the recent acquisitions of run-off legacy financial guarantors Radian Asset Assurance and CIFG North America. The resulting increase in AGC's invested assets and future premium earnings also improves the firm's prospective profitability. AGC's capital adequacy profile has also experienced improvement from the continued amortization of its insured portfolio and meaningful credit strengthening among several of AGC's legacy structured finance exposure classes, including TruPS CDOs. Despite these improvements, Moody's continues to maintain a one notch rating differential between AGM and AGC to reflect AGC's considerably higher level of below investment grade exposures relative to capital and its more limited strategic role within the Assured Guaranty group relative to AGM. Concurrent with AGC's change in outlook status, Moody's has also aligned AGC's stand-alone credit profile with its current A3 IFS rating.

Moody's has also changed the outlook of Assured Guaranty (UK) Ltd. (AGUK - IFS rating A3) to stable, from negative. AGUK's rating is based on a combination of formal and implicit support from AGC, including a net worth maintenance agreement and quota share and excess of loss reinsurance arrangements, which results in the alignment of their ratings.

WHAT COULD CHANGE THE RATING UP OR DOWN

The main rating sensitivities for Assured and its subsidiaries relate to the composition and performance of their respective insured portfolios, capitalization levels and market support. The ratings could be lowered if the quality of the various insured portfolios meaningfully decreased or if capital was withdrawn without an associated reduction of risk, or if profitability reduced materially. The credit profiles of Assured's operating companies could improve if there is a favorable resolution to the firm's Puerto Rico related exposures during the upcoming restructuring process and there is a significant increase in financial guaranty business origination at attractive pricing levels.

RATINGS LIST

The following ratings have been affirmed:

Assured Guaranty Ltd. -- issuer rating at Baa2, provisional senior unsecured shelf at (P)Baa2, provisional subordinated shelf at (P)Baa3, provisional preferred shelf at (P)Ba1;

Assured Guaranty US Holdings Inc. -- backed senior unsecured debt at Baa2, backed junior subordinated debt at Baa3(hyb), provisional backed senior unsecured shelf at (P)Baa2, provisional backed subordinated shelf at (P)Baa3;

Assured Guaranty Municipal Holdings Inc. -- senior unsecured debt at Baa2, junior subordinated debt at Baa3(hyb), provisional backed senior unsecured shelf at (P)Baa2, provisional backed subordinated shelf at (P)Baa3;

Assured Guaranty Municipal Corp. -- insurance financial strength rating at A2;

Assured Guaranty (Europe) Ltd. -- insurance financial strength rating at A2;

Sutton Capital Trusts I, II, III, and IV -- backed pref. stock non-cumulative debt at Baa2(hyb).

Assured Guaranty Corp. -- insurance financial strength rating at A3;

Assured Guaranty (UK) Ltd. -- insurance financial strength rating at A3;

Woodbourne Capital Trusts I, II, III, and IV -- backed pref. stock non-cumulative debt at Baa3(hyb).

Outlook actions:

Assured Guaranty Ltd - outlook remains stable;

Assured Guaranty US Holdings Inc. - outlook remains stable;

Assured Guaranty Municipal Holdings Inc. - outlook remains stable;

Assured Guaranty Municipal Corp. - outlook remains stable;

Assured Guaranty (Europe) Ltd. - outlook remains stable;

Sutton Capital Trusts I, II, III, and IV - outlook remains stable;

Assured Guaranty Corp. - outlook changed to stable from negative;

Assured Guaranty (UK) Ltd. - outlook changed to stable from negative;

Woodbourne Capital Trusts I, II, III, and IV - outlook changed to stable from negative.

Assured Guaranty Municipal Corp. and Assured Guaranty Corp. are financial guaranty insurance companies based in New York. They are wholly owned by Assured Guaranty Ltd. [NYSE:AGO], the ultimate holding company. As of 30 June 2016, Assured Guaranty Ltd. had consolidated GAAP net par outstanding of approximately $330 billion, qualified statutory capital of $7.0 billion, and total claims paying resources of $11.9 billion.

The principal methodology used in these ratings was Financial Guarantors published in April 2016. Please see the Ratings Methodologies page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

James Eck
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Stanislas Rouyer
Associate Managing Director
Financial Institutions Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY’S CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS OR MOODY’S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moody’s publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​​​​