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S&P lowers Assured Guaranty
Standard & Poor's said it lowered the counterparty credit ratings on Assured Guaranty Municipal Corp. and Assured Guaranty Corp. to AA- from AA+.
The agency also said it lowered the rating on Assured Guaranty Re Ltd. to AA- from AA and lowered the counterparty credit rating on Assured Guaranty Ltd. to A- from A+.
The ratings were removed from CreditWatch, where they were placed in September with negative implications.
The outlook is stable.
The ratings reflect a view, based on updated bond insurance criteria, of the company's strong competitive position and strong capital, S&P said.
However, the consolidated group of insurance companies, though maintaining strong capital, does not maintain enough capital to mitigate largest obligor concentrations for a higher rating, the agency said.
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