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Assured Guaranty Corp. Guarantees Up To $1.0 Billion for Jupiter Securitization Company LLC Asset-Backed Commercial Paper Progr

^{Published on 2008-12-10 17:20:09 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--Assured Guaranty Corp. ("Assured"), the principal direct financial guaranty subsidiary of Assured Guaranty Ltd. (the "Company") (NYSE:AGO), announced today that it is providing a surety bond guaranty of up to $1.0 billion for the benefit of Jupiter Securitization Company LLC ("Jupiter"), a multi-seller asset-backed commercial paper ("ABCP") conduit that is administered by JPMorgan Chase Bank, N.A. ("JPMorgan"). The guaranty will benefit Jupiter's commercial paper investors by providing a portion of Jupiter's program-wide credit enhancement. Jupiter, which was established in 1990, specializes in providing financing to companies in traditional asset classes, such as credit cards, trade receivables, residential mortgages, auto loans and financing leases and equipment loans and leases. This is the second JPMorgan-administered ABCP conduit program to which Assured has provided credit enhancement in 2008. In July 2008, Assured provided $1.25 billion in surety bond protection to the Park Avenue Receivables Company, LLC commercial paper program.

"Assured remains strongly committed to the asset-backed commercial paper market, which is a cost-effective means for providing consumers and companies with access to financing for their auto purchases, commercial receivables and other essential financing that is crucial to the long-term strength of our economy," said Michael Schozer, President of Assured Guaranty Corp. "We are pleased to have been able to work on this transaction with JPMorgan, which has more than twenty years of experience in this market. Our surety bond will help Jupiter continue to provide essential financing capacity for many consumers and small and mid-sized corporations."

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.