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On Friday, February 1, 2013, The Bank of New York Mellon, as trustee for the Jefferson County, Alabama, sewer revenue warrants, notified Assured Guaranty Municipal Corp. (AGM) that it was suspending, until further notice, distributions to warrant holders of funds that secure and are the source of payment of the sewer warrants’ debt service. The suspended distributions include both net system revenues and draws on insurance policies, including certain AGM insurance policies.
AGM disagrees with the trustee’s decision to suspend distributions and will take all steps necessary to ensure that each holder of an AGM-insured sewer warrant will receive scheduled debt service payments in full and in a timely manner.
In that regard, AGM has paid all amounts due for payment on February 1, 2013 on the AGM-insured sewer warrants under its bond insurance policy to the Depository Trust Company (DTC) and expects that DTC will credit such amounts to holders' accounts on Monday, February 4, 2013.
Assured Guaranty is committed to honoring its unconditional and irrevocable guaranty to holders of its insured obligations, a commitment backed by Assured Guaranty’s substantial $12.5 billion in consolidated claims-paying resources.
Assured Guaranty (Assured Guaranty Ltd. and its subsidiaries) provides financial guaranty insurance through Assured Guaranty Municipal Corp. which is a subsidiary of Assured Guaranty Ltd. Assured Guaranty Ltd. is a Bermuda-based holding company that provides, through its operating subsidiaries, insurance products to the U.S. and international public finance, infrastructure and structured finance markets.
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Cautionary Statement Regarding Forward-Looking Statements:
Any forward-looking statements made in this press release reflect the current views of Assured Guaranty Ltd. and its subsidiaries (the Company) with respect to future events 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. These risks and uncertainties include, but are not limited to, the Company not being able to maintain its competitive position or to expand its insurance franchise, whether due to a lack of demand for bond insurance, the rise of other competitors in the market, the Company not being able to maintain its financial strength ratings, or adverse developments in the Company's insured portfolio that have a negative impact on its financial condition; and other risks and uncertainties that have not been identified at this time, management’s response to these factors, and other risk factors identified in the Company’s filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which are made as of February 4, 2013. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.