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Moody's Global Credit Research4 page (1555 word) report
published Feb 21, 2008
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...Moody s has begun to assign Aaa ratings to municipal bonds, based on bond insurance provided in the secondary ma rket by currently unrated Berkshire Hathaway Assurance Corporation ( BHAC ) and further supported by a contingent payment insurance policy provided by Aaa-rated National Indemnity Company ( NICO insurance financial strength rati ng of Aaa, stable outlook). BHAC and NICO are ultimately wholly owned by Berkshire Hathaway Inc. ( Berkshire long- term issuer rating of Aaa, stable outlook). This report will discuss our rating rationale for these transactions. As with traditional secondary market insu rance structures, the bonds to be insured are deposited into a custody account that is governed by a custody agreement. The custodian issues a custody receipt associated with each new insured obligation, with a new CUSIP. Each issuanc e of custody receipts is supported by a financial guaranty insurance policy provided by BHAC, which is currently not rated by Moody s....
Report Type: Special Comment
Issuer: National Indemnity CompanyFree Sample: Click
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Moody's Global Credit ResearchMoody's Investors Service, a leading global credit rating, research and risk analysis firm, publishes credit opinions, research, and ratings on fixed-income securities, issuers of securities and other credit obligations. Credit ratings and research help investors analyze the credit risks associated with fixed-income securities. Ratings also create efficiencies in fixed-income markets and similar obligations, such as insurance and derivatives, by providing reliable, credible, and independent assessments of credit risk. For issuers, Moody's services increase market liquidity and may reduce transaction costs.
