Press Release|Insurance
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KBRA Affirms Ratings for Assured Guaranty Inc., European Subsidiaries and Assured Guaranty US Holdings Inc.

3 Aug 2026   |   New York

Contacts

KBRA affirms the insurance financial strength ratings (IFSRs) of AA+ for Assured Guaranty Inc. (AG), Assured Guaranty UK Limited (AGUK), and Assured Guaranty (Europe) SA (AGE). The Outlooks for all entities remain Stable. At the same time, KBRA affirms the A+ issuer rating for Assured Guaranty US Holdings Inc. (AGUS), as well as the A+ debt ratings on the 6.125% Senior Notes due 2028, the 3.150% Senior Notes due 2031, and the 3.600% Senior Notes due 2051. The Outlooks remain Stable.

The rating affirmations reflect AG’s substantial claims-paying resources, formal risk management framework, disciplined underwriting and surveillance, and established position in the financial guaranty market. At year-end 2025, AG maintained approximately $6.7 billion of KBRA-defined claims-paying resources and strong capital headroom relative to KBRA’s modeled stress losses. The company’s insured portfolio, totaling approximately $211.4 billion of net par, remained predominantly investment grade and granular, with favorable rating migration and a decline in below-investment-grade exposure to approximately 3.2% from 4.1%. Gross par written increased during 2025, led by U.S. public finance, although persistent tight credit spreads continued to constrain premium generation and new-business economics. KBRA continues to monitor growth in alternative investments and the integration of Assured Life Reinsurance Ltd. These activities remain limited relative to the financial guaranty business but introduce incremental asset, liquidity, capital, asset liability management, and earnings risk within the Assured Guaranty group. AGUK and AGE benefit from contractual intra-group support arrangements provided by AG, which remain key to their ratings.

To access ratings and relevant documents, click here.

Click here to view the report.

Methodology

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

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