Assured Guaranty and National Public Finance Guarantee Ratings Upgraded by S&P

On March 18, 2014, Standard & Poor’s Ratings Services announced ratings upgrades for two bond insurers – Assured Guaranty Municipal Corp. (f/k/a Financial Security Assurance Inc.) to “AA” from “AA-” and MBIA Inc.’s National Public Finance Guarantee Corp. to “AA-” from “A”. The upgrade could result in ratings changes to insured ratings of outstanding bonds.

Rule 15c2-12, promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934, indirectly requires issuers of municipal securities to disclose certain material event notices, including rating changes with respect to municipal securities, in a timely manner after the occurrence of the event. Material event notices are filed with the Municipal Securities Rulemaking Board through its Electronic Municipal Market Access system for municipal securities disclosure.

Sherman & Howard’s Public Finance Group can provide assistance with reviewing obligations under continuing disclosure undertakings and filing material event notices in connection with the aforementioned rating changes or other material events.

If you have any questions, please contact any member of our Public Finance Group.


Sherman & Howard has prepared this advisory to provide general information on recent legal developments that may be of interest. This advisory does not provide legal advice for any specific situation and this does not create an attorney-client relationship between any reader and the Firm.

© 2014 Sherman & Howard L.L.C.                                                                          April 1, 2014