R. Monoline Insurers and Credit Enhancement. Asia Pacific Finance and Development Center Shanghai National Accounting Institute, Shanghai November 7 th -9 th , 2005. Diane K.Y. Lam, CFA Director – Asia Pacific Email: firstname.lastname@example.org Tel: 65-6430-5612. Agenda.
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Monoline Insurers and Credit Enhancement
Asia Pacific Finance and Development Center
Shanghai National Accounting Institute, Shanghai
November 7th-9th, 2005
Diane K.Y. Lam, CFA
Director – Asia Pacific
(1) Assured Guaranty is rated AAA by S&P and Fitch and Aa1 by Moody’s.
Rating Agencies Oversight Industry
Insurance company level
U.S. ABS$377 Billion
U.S. Municipal $1,042 Billion
Total Net Par Outstanding: $1.64 Trillion
Includes: Ambac, FSA, MBIA and FGIC. Gross outstanding par for those companies was $1.9 trillion at 6/30/05.
Source: Company reports.
AAA-Rated Monoline Financial Guaranty Insurance Industry Annual Gross Par OriginatedTrends: Growth in Originations and Diversification
Sources: FSA, MBIA, Ambac and FGIC company reports. Includes secondary market transactions.
(1) Includes ABS, MBS and funded and unfunded CDOs and CDSs.
Credit Enhancement Package:
FSA assumed the following risks to safeguard investors:
FSA’s Guarantee Delivered to Hyundai Capital Services the following benefits:
R Annual Gross Par Originated