Bond Insurer Ratings

As of April 12, 2010
  Moody's Standard & Poor's Fitch
ACA NR NR Upgraded to B and rating withdrawn 12/15/08 at ACA's request. NR
Ambac Caa2 (Positive Watch) Watch Revised 3/26/10. R revised from CC (CreditWatch Positive) 3/25/10 due to segregation action by Wisconsin State Regulator NR Rating withdrawn 6/26/08 at Ambac's request.
Assured Guaranty Aa3 (Outlook Negative) Revised from Negative Watch to Negative Outlook on 12/18/09. AAA (Outlook Negative) Outlook revised 7/1/09. NR Rating withdrawn 2-24-10 at Assured's request. (Previously AA-, Negative Outlook)
Assured Guaranty Municipal (FSA) Aa3 (Outlook Negative) Revised from Negative Watch on 12/18/09. AAA (Outlook Negative) Outlook revised 4/21/09. NR Rating withdrawn 2-24-10 at Assured's request. (Previously AA, Negative Outlook)
BHAC Aa1 (Outlook Stable) Downgraded from AAA 4/08/09. AA+ (Outlook Stable) Revised from AAA CreditWatch Negative on 2/4/10. NR
CIFG NR Downgraded to Ca from Caa2, rating withdrawn on 11/11/09. NR CC (Outlook Negative) rating withdrawn on 2/16/10 at CIFG's request. NR Rating withdrawn 10/21/08.
FGIC NR Downgraded to Caa3 from Caa1, rating withdrawn 3/24/09. NR Downgraded to CC from CCC and withdrawn 4/22/09. NR Rating withdrawn 11/24/08.
National Public Finance Guarantee (MBIA) Baa1 (Outlook Developing) Outlook revised 6/25/09. A (Outlook Developing) Downgraded from AA-, Outlook revised 6/5/09. NR Rating withdrawn 6/26/08 at MBIA's request.
Radian Asset Assurance Inc. Ba1 (Outlook Stable) Downgraded from A3, outlook revised 3/12/09. BB- (Outlook Negative) Downgraded from BB 12/22/09. NR Rating withdrawn 5/02/08.
Syncora Guarantee (XLCA) Ca (Watch Developing) Downgraded from Caa1, placed on watch 3/09/09. R Downgraded from CC 4/27/09. NR Rating withdrawn 9/05/08 at Syncora's request.
Source: Moody's, Fitch Ratings and Standard & Poor's Web sites
     

Peter Bianchini
Managing Director, Senior Municipal Strategist
925.386.0262