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Assured Guaranty And Other Stakeholders Agree On Additional Terms With Jefferson County To Facilitate Bankruptcy Exit

Assured Guaranty (NYSE: AGO) has been working with Jefferson County, Alabama, and other stakeholders over the last few years to find a solution to resolve the County’s sewer indebtedness issues and allow it to exit bankruptcy. In a further step in this process, the County’s plan support parties, including Assured Guaranty Municipal Corp. (Assured Guaranty Municipal), have agreed to additional measures to permit the County to emerge from bankruptcy.

“Assured Guaranty has been an integral part of the solution by helping to facilitate a viable bankruptcy exit plan that accomplishes the objectives of Jefferson County and are supported by the stakeholders,” said Dominic Frederico, President and CEO of Assured Guaranty Ltd.

Under the terms of today’s agreement, Assured Guaranty Municipal would insure $500 million of proposed Jefferson County, Alabama, Senior Lien Sewer Revenue Warrants. The senior lien warrants would be secured by a gross lien on system revenues, and the lien would be closed to prevent any future dilution of the senior lien warrants’ claim on revenues. Further, the restructuring would result in a significant deleveraging of the sewer system. If today’s agreement and the conditional settlement agreement announced on June 4, 2013 are implemented, Assured Guaranty’s losses would continue to be within its June 30, 2013 Jefferson County reserves.

Assured Guaranty Municipal’s participation in the County’s bankruptcy exit plan underscores its unique ability to assist issuers in accessing the capital markets to help them achieve their capital market needs.

Throughout the County’s fiscal difficulties, Assured Guaranty Municipal has protected the interests of its insured Jefferson County warrant holders and, when there was a debt service shortfall, made full and timely payment of debt service under its unconditional and irrevocable financial guaranty insurance policies – even when the sewer warrant trustee ceased submitting claims for payment under Assured Guaranty Municipal’s policies. Assured Guaranty Municipal is a member of the Assured Guaranty group, which has $12 billion in consolidated claims-paying resources.

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