Moody's: Assured Guaranty, Financial Security unchanged

Moody's Investors Service said the ratings of Assured Guaranty Ltd. and Financial Security Assurance Holdings Ltd. remain under review for downgrade following the announcement that Assured Guaranty and Dexia SA plan to acquire the financial guaranty business of Financial Security.

The reviews of both companies are assessing the effect on capital adequacy of elevated risks in the insured portfolio and negative trends affecting the business model of financial guarantors more broadly. The agency said it intends to publish further commentary in the coming days on the changing business dynamics of the financial guaranty industry and the implications of those changes for ratings.

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