S&P Adds Claims-Paying, Liquidity Analysis to Annual Reports

Smith, Aaron T.
March 2003
Bond Buyer;3/27/2003, Vol. 343 Issue 31802, p7
Trade Publication
Standard & Poor's Corp., the bond rating agency has publicized an analysis on the claims-paying ability and liquidity of bond insurers in its annual reports, the agency announced this week. In a prepared statement released earlier this week, Standard & Poor's said that “ cash availability is the key consideration ” in a bond insurer's ability to pay claims, and corporate earnings reports “ do not always tell the full story and sometimes are not relevant in the context of paying claims.” Tom Abruzzo of Fitch Ratings Inc., who was promoted to managing director of financial guaranty this year, said annual bond-insurer reports issued by his department would include liquidity analysis. In July, Standard & Poor's released a study stating that the top four bond insurers — MBIA Insurance Corp., Financial Guaranty Insurance Co., Ambac Assurance Corp., and Financial Security Assurance Inc.— would be able to pay claims and maintain their triple-A ratings even if a depression forced municipalities to default and reinsurers to suffer downgrades.


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