Assured Guaranty Ltd., the holding company of the two principal players in the bond insurance industry, announced late Monday night that it would sell 23,924,000 common shares in a public offering Thursday.

The announcement comes in response to the Nov. 12 decision by Moody’s Investors Service to downgrade the insurance financial strength rating of bond insurer Assured Guaranty Corp. to Aa3 from Aa2. In that decision Moody’s said that unless “capital-strengthening initiatives” were undertaken, it would expect to lower the parent company’s rating into the single-A range. Assured Guaranty Municipal Corp. retained its Aa3 rating from Moody’s.

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