Triple-A rated bond insurer Assured Guaranty Corp. yesterday said over the last three months it has worked with issuers to convert more than $1.8 billion of auction-rate securities into both fixed-rate and variable-rate demand bonds.

Despite being one of only three stable and triple-A rated bond insurers operating in the market, some issuers with auction-rate securities insured by Assured saw auctions fail or reset at significantly higher rates. The other triple-A rated insurer, Financial Security Assurance Inc., also witnessed similar market dynamics on the ARS it has insured.

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