Assured Guaranty and its subsidiaries Assured Guaranty Re Ltd. and Assured Guaranty Re Overseas Ltd. said effective today, at Assured's request, Moody's Investors Service has withdrawn the insurance financial strength ratings it assigned to AG Re and AGRO.
"Based on the current business plans of AG Re and AGRO, we no longer consider Moody's ratings of these two subsidiaries to be necessary," said Robert Tucker, spokesman for Assured. "Moody's rating action does not affect the ratings it has assigned to other entities within the Assured Guaranty group."
According to Moody's, the following ratings have been withdrawn: Assured Guaranty Re Ltd. — insurance financial strength at Baa1; Assured Guaranty Re Overseas Ltd. — insurance financial strength at Baa1.
Standard & Poor's rates both entities AA with a stable outlook; Fitch Ratings doesn't rate any of Assured's subsidiaries.
All other rated Assured Guaranty entities, including Assured Guaranty Municipal Corp. (A2, stable) and Assured Guaranty Corp. (A3, negative), are unaffected by the Moody's action and remain unchanged.
AG Re is a financial guaranty reinsurance company and AGRO is one of its indirect, wholly owned subsidiaries. AG Re is a wholly owned subsidiary of Assured Guaranty Ltd.
