KBRA Withdraws Rating on Assured Guaranty Municipal Corp. Due to Merger into Assured Guaranty Inc.
1 Aug 2024 | New York
KBRA withdraws the AA+ Insurance Financial Strength Rating (IFSR) on Assured Guaranty Municipal Corp. ("AGM") due to its merger into Assured Guaranty Inc. ("AG"). AG is the insurance entity previously named Assured Guaranty Corp. Under the terms of the transaction, AGM merged into AG with AG as the surviving entity and Assured Guaranty UK Limited ("AGUK") and Assured Guaranty (Europe) SA ("AGE") have become subsidiaries of AG.
The IFSRs of AG (AA+/Stable), AGUK (AA+/Stable), AGE (AA+/Stable), as well as the Issuer Rating (A+/Stable) and all outstanding Debt Ratings for Assured Guaranty US Holdings Inc., remain unchanged following the merger. All existing AGM insurance policies have become direct insurance obligations of AG. Therefore, there are no rating changes to any KBRA-rated insured obligations currently insured by AGM, AGUK or AGE as a result of the merger.
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