Build America Mutual Announces S&P Global Ratings Affirms BAM’s AA Rating and Stable Outlook
June 28 2019 - 9:45AM
Business Wire
S&P Global Ratings has affirmed Build America Mutual’s AA
rating and Stable outlook, the strongest rating S&P assigns to
any active insurer.
In a Research Update, S&P said the action reflects BAM’s
“strong market presence in the U.S. public finance market, prudent
underwriting discipline, and a general year-over-year growth in
terms of par insured [and] premiums written.”
“S&P’s analysis confirms that BAM’s business model and
capital resources combine to deliver a guaranty with exceptional
financial strength and durability,” said BAM Chief Executive
Officer Seán W. McCarthy. “That benefits our members, who are
exclusively US municipal bond issuers who provide essential public
services, as well as the investors who hold their bonds. We look
forward to serving more communities as we build on our track record
of consistent growth in our low-risk, low-volatility insured
portfolio.”
About Build America Mutual
BAM is a mutual bond insurance company operated for the benefit
of its members – the cities, states and other municipal entities
that use BAM’s financial guaranty to lower their cost of borrowing.
BAM is the official provider of bond insurance for the National
League of Cities, and was launched in 2012 with initial capital
provided by subsidiaries of White Mounatins Insurance Group, Ltd.
(NYSE:WTM)
Through March 31, 2019, BAM has insured more than $53.5 billion
of municipal securities for more than 3,300 municipal issuers
nationwide. Learn more at http://buildamerica.com/mission/
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version on businesswire.com: https://www.businesswire.com/news/home/20190628005068/en/
Michael Stanton, Head of Corporate Strategy and Communications
212-235-2575; mstanton@buildamerica.com
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