Business & Finance
Mon, February 9, 2009Fri, February 6, 2009Thu, February 5, 2009Wed, February 4, 2009Tue, February 3, 2009Mon, February 2, 2009Sun, February 1, 2009Fri, January 30, 2009Thu, January 29, 2009Assured Guaranty Corp. Announces January 2009 U.S. Public Finance New Issue Volume, up 134% Over Prior Year
Published in Business and Finance on Tuesday, February 3rd 2009 at 14:42 GMT, Last Modified on 2009-02-03 14:44:10 by Market Wire
NEW YORK--([ BUSINESS WIRE ])--Assured Guaranty Corp. ("Assured" or "the Company"), the financial guaranty subsidiary of Assured Guaranty Ltd. (NYSE:AGO), announced its January 2009 U.S. public finance new issue volume today. Assured provided guaranties on 114 U.S. public finance new issue transactions, totaling $2.8 billion of par or 12% of total new issue U.S. public finance volume during January 2009. Assured's new business activity increased by 134% over January 2008, during which Assured provided guaranties on 54 transactions totaling $1.2 billion of par insured, or 6% of total new issue U.S. public finance volume.
"During the first month of 2009, Assured guaranteed several deals for over $100 million in sectors that play crucial roles in the development of our states and municipalities," commented Bill Hogan, Senior Managing Director of Assured's Public Finance Group. "Assured is dedicated to helping municipal issuers access the market at cost-effective rates while also providing investors with the benefit of Assured's financial strength and careful due-diligence."
The Company's activity during this month included several notable transactions in the energy, infrastructure and healthcare sectors, with seven transactions exceeding $100 million in par insured. Assured insured $308 million in Subordinate Turnpike Revenue Bonds for the Pennsylvania Turnpike Commission, $260 million in Payment-in-Lieu-of-Tax Bonds for the New York Yankee Stadium Project, $110 million in Road and Street Improvement Sales Tax Revenue Bonds for the Parish of East Baton Rouge, Louisiana and $170 million in Electric Revenue Bonds for the Electric Plant Board of Paducah, Kentucky.
Assured also insured $144 million in Tax-Exempt and Taxable Revenue Refunding Bonds issued across three series for the New Orleans Aviation Board, $170 million in Healthcare Facilities Revenue Bonds for WakeMed Health and Hospitals, $132 million in Revenue Certificates of Participation for the El Dorado Irrigation District of California.
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.
