ACA Capital Holdings Inc., the parent of beleaguered bond insurer ACA Financial Guaranty Corp., secured a fifth straight forbearance agreement, negotiating Friday with its counterparties in derivative contracts to put off delinquency proceedings until June 20.

The agreement marks the fifth entered into between the insurer and its 29 counterparties since Standard & Poor's - the only rater that assigns a rating to ACA - downgraded its single-A rating to CCC on Dec. 19.

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