S&P gives A to Assured Guaranty debt

Standard & Poor's said it assigned its A senior debt rating to Assured Guaranty US Holdings Ltd.'s proposed senior debt offering.

Assured Guaranty US Holdings, an intermediate holding company and wholly owned subsidiary of Assured Guaranty Ltd. (AGL), will issue 10-year notes maturing July 2024 that it will use for general corporate purposes and to finance the purchase of AGL common stock.

The agency expects AGL's consolidated debt and financial leverage as of year-end 2014 to remain in the most-favorable category under its criteria. AGL's interest coverage for fiscal 2014 will remain in the favorable category of between 6x and 10x.

S&P said it expects the future ordinary dividend capacity of AGL's insurance entities to be sufficient for Assured Guaranty US Holdings' debt-service and to repay its total debt obligations without having a material effect on AGL's operating insurance entities' capital adequacy.

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