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Assured Guaranty Fights Back After Moody's Downgrade (Update1)

BTIG analyst Mark Palmer also chimed in with a note on Tuesday. "While the company's response to Moody's was important insofar as it emphasizes the reality of its strengths to investors and, perhaps, to the rating agencies (Morningstar?) that may be brought in to replace Moody's, the plan underlined the fact that Assured Guaranty by taking certain actions could unlock the inherent value of its shares," Palmer wrote.

Moody's defended its actions via an email statement from a spokesman.

"Our action was based on a downward reassessment of Assured's business franchise, expected future profitability, and financial flexibility," the statement read, citing the press release on Thursday announcing the downgrade. The statement added that "consistent with its established practice," Moody's "engaged in an active dialogue with Assured during the rating review and shared relevant information about our approaches and assumptions as part of that process."

-- Written by Dan Freed in New York.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.
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