Standard & Poor's Ratings Services said Monday that it assigned its AA financial strength and counterparty credit ratings to newly formed mutual bond insurer Build America Mutual Assurance Co. (BAM). The outlook is stable.

"We expect BAM to achieve and sustain a very strong competitive position," said Standard & Poor's credit analyst Marc Cohen. S&P said it views BAM's competitive position as supported by very strong market acceptance, a relatively low risk profile given its designated target market in public finance, and the strong and relevant experience of senior management.

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