Bond insurer Assured Guaranty Ltd. has a bone to pick with Standard & Poor’s over the rating agency’s new bond insurance rating criteria.

Assured president and chief executive Dominic Frederico, speaking to a group of analysts Wednesday at an insurance conference held by Keefe, Bruyette & Woods, criticized the agency’s revised leverage test, new capital requirements, and a test applied to an insurer’s exposure to its largest obligors.

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