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S&P cuts Assured Guaranty
Standard & Poor's said it lowered its counterparty credit and financial strength ratings on Assured Guaranty Corp. and Assured Guaranty Municipal Corp. to AA+ from AAA.
The outlook is stable.
The agency also said it affirmed the A+ counterparty credit rating on Assured Guaranty Ltd.
The downgrades reflect a view that the current state of the financial guarantee market, with only one organization issuing new policies, is symptomatic of investors' and issuers' diminished demand for bond insurance, S&P said.
The longer this persists, the more limited the potential for the re-emergence of a strong and vital bond insurance sector, the agency said,, and this market dynamic could hurt the company's business prospects.
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