Assured Guaranty

Capital quality is a core strength. As of June 30, 2026, claims-paying resources were about $9.98 billion and net debt service outstanding coverage ratios remain robust. S&P affirmed AA financial strength ratings in July 2026 with stable outlook and cited capital adequacy redundancy above AAA stress levels, along with exceptional liquidity.

Adjusted book value per share was $189.72 and shareholders’ equity per share was $126.18 at quarter-end, both at or near records, reinforcing the balance sheet. Investment portfolio quality is high-grade with diversified exposures, although the company also holds alternative investments and some CLO tranches, which add volatility.

Legal tail risk centers on PREPA, though net outstanding par has been reduced and multiple legal developments offer some clarity; we still treat it as a monitored risk.