Assured Guaranty Ltd. (NYSE:AGO) ("Assured” or the "Company”) today
announced that it intends to re-list on the New York Stock Exchange (the
"NYSE") the following debt securities (the "Securities”) of Assured’s
subsidiary Financial Security Assurance Holdings Ltd. ("FSAH”):
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Security
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Former NYSE Symbol
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Former FINRA Symbol
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Current FINRA Symbol (TRACE)
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Maturity Date
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CUSIP
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6-7/8% Quarterly Interest Bonds due 2101
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FSB
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FSAD
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FSB.GB
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December 15, 2101
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31769P407
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6.25% Notes due 2102
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FSE
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FSAH
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FSB.GC
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November 1, 2102
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31769P506
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5.60% Notes due 2103
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FSF
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FSAE
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FSB.GD
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July 15, 2103
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31769P605
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The Securities, which were withdrawn from listing on the NYSE by Assured
effective July 31, 2009, have been fully and unconditionally guaranteed
by Assured. The re-listing of the Securities will not affect the
Company’s guaranty, which will remain in full force and effect, or any
of the other terms of the Securities.
From the delisting of the Securities from the NYSE until October 15,
2009, the Securities were available for trading on third party quotation
systems and prices and trading volumes were available to investors and
securities firms on public websites as well as via the third party
quotation systems. On October 15, 2009, the Financial Industry
Regulatory Authority ("FINRA”) moved the Securities to its Trade
Reporting and Compliance Engine ("TRACE”) corporate debt reporting
system.
"In order to improve the public price and trading transparency of these
Securities, Assured has decided to re-list the Securities on the NYSE,”
stated Dominic Frederico, President and Chief Executive Officer of
Assured. "As the world’s leading financial guaranty insurer active in
the market today, we are deeply committed to providing investors with
the information that they need in order to make an informed decision
about buying both bonds that we insure as well as our own debt
securities.”
Assured expects that the re-listing of the Securities will be effective
by the end of the year. The re-listing will be subject to the approval
of the NYSE and the U.S. Securities and Exchange Commission.
Assured Guaranty Ltd. is a publicly-traded Bermuda-based holding company
(NYSE ticker symbol: AGO). Its operating subsidiaries provide credit
enhancement products to the U.S. and international public finance,
structured finance and mortgage markets. More information on the Company
and its subsidiaries can be found at www.assuredguaranty.com.
Any forward-looking statements made in this press release reflect the
current views of Assured with respect to future events and financial
performance and are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Such statements
involve risks and uncertainties that may cause actual results to differ
materially from those set forth in these statements. For example,
Assured’s forward-looking statements, including its statements regarding
the expected timeframe of relisting the Securities and the anticipated
improvement in the public price and trading transparency of such
Securities, could be affected by the actions of governmental regulatory
authorities or other self-regulatory organizations; rating agency
action, including a ratings downgrade at any time of one or more of
Assured’s insurance subsidiaries and/or of transactions that such
subsidiaries have insured, both of which have occurred in the past;
developments in the world's financial and capital markets that adversely
affect issuers’ payment rates, Assured’s loss experience, its ability to
cede exposure to reinsurers, its access to capital, its unrealized
(losses) gains on derivative financial instruments or its investment
returns; changes in the credit markets, segments thereof or general
economic conditions; more severe or frequent losses affecting the
adequacy of Assured’s loss reserve; the impact of market volatility on
the mark-to-market of its contracts written in credit default swap form;
reduction in the amount of reinsurance facultative cessions or portfolio
opportunities available to Assured; decreased demand or increased
competition; changes in applicable accounting policies or practices;
changes in applicable laws or regulation, including insurance and tax
laws; other governmental actions; difficulties with the execution of
Assured’s business strategy; contract cancellations; Assured’s
dependence on customers; loss of key personnel; adverse technological
developments; the effects of mergers, acquisitions and divestitures;
natural or man-made catastrophes; other risks and uncertainties that
have not been identified at this time; management's response to these
factors; and other risk factors identified in Assured’s filings with the
Securities and Exchange Commission. Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak only as
of the dates on which they are made. Assured undertakes no obligation to
publicly update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.