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Rating Action:

Moody's downgrades 225 US structured finance securities guaranteed by Assured Guaranty

18 Jan 2013

New York, January 18, 2013 -- Moody's Investors Service has downgraded the ratings of 225 classes of US structured finance securities wrapped by Assured Guaranty Municipal Corp. (AGM), Assured Guaranty Corp. (AGC) and their affiliated insurance operating companies. The securities impacted include certain RMBS, ABS, Structured Notes, Debt Issuance of Certified Capital Companies, and Trust Preferred CDOs.

Please click on this http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_149295 for the List of Affected Credit Ratings. This list is an integral part of the Press Release and identifies each affected issuer.

RATINGS RATIONALE

This action is solely driven by Moody's announcement on January 17, 2013 that it has downgraded the Insurance Financial Strength (IFS) ratings of Assured Guaranty Municipal Corp. (AGM) to A2 and Assured Guaranty Corp. (AGC) to A3 and Assured Guaranty Re Ltd. (AGRe) to Baa1.

Moody's ratings on structured finance securities that are guaranteed or "wrapped" by a financial guarantor are generally maintained at a level equal to the higher of the following: a) the rating of the guarantor (if rated at the investment grade level); or b) the published or unpublished underlying rating. Moody's approach to rating wrapped transactions is outlined in Moody's special comment entitled "Assignment of Wrapped Ratings When Financial Guarantor Falls Below Investment Grade" (May, 2008); and Moody's November 10, 2008 announcement entitled "Moody's Modifies Approach to Rating Structured Finance Securities Wrapped by Financial Guarantors". The principal methodology used in determining the underlying rating is the same methodology for rating securities that do not have a financial guaranty and are listed in the link noted above. The ratings of Medium-Term Asset Backed Notes are directly linked to the ratings of the guarantor. For these transactions the underlying pool composition can change materially over time, and the rating on the notes is driven by the guarantor's insurance financial strength rating.

Please refer to this link for the Prinicipal Methodology used in rating AGC and AGM: http://www.moodys.com/research/Moodys-downgrades-Assured-Guaranty-lead-insurer-to-A2--PR_263412

This action is driven solely by the rating action on AGC and AGM and is not a result of change in key assumptions, expected losses, cash flows and stress scenarios on the underlying assets.

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 rating action on the support provider and in relation to each particular 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 rating action, and whose ratings may change as a result of this 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.

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.

Ola Hannoun-Costa
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Debashish Chatterjee
Associate Managing Director
Structured Finance 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

Moody's downgrades 225 US structured finance securities guaranteed by Assured Guaranty
No Related Data.
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