Assured Guaranty Ltd. (AGO:US) and MBIA Inc. (MBI:US)’s municipal insurance unit are sufficiently capitalized for any losses on municipal debt from Puerto Rico and Detroit, according to Standard & Poor’s.
Assured has a capital cushion of $450 million to $500 million against exposure of $5.5 billion and MBIA’s National Public Finance Guarantee Corp. has $350 million to $400 million versus exposure of $5.3 billion, S&P credit analysts Marc Cohen and David Veno in New York wrote in a report dated today. That’s consistent with a BBB rating, or two levels above speculative grade, they wrote.
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