Title:

Moody's Assigns Aaa Ratings to Berkshire Hathaway Assurance Corporation's Secondary Market Insured Transactions

Price:$550.00
Publication Date:Feb 21, 2008
Report Type:Special Comment
Brief Excerpt:...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....
Word Count:1555
Length:4 Pages
Issuer:National Indemnity Company
Format:Adobe Acrobat Adobe Acrobat
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Moody's Global Credit Research

Moody'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.

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