...There continues to be a high level of interest among investors in the financial guaranty industry, and in Moody's ratings of key players in the sector. Following the announcements of rating reviews of FSA and Assured Guaranty last week, and this week's announcement of SCA's agreem ents with XL Capital and Merrill Lynch, we have received a large number of calls from investors seeking our latest views on these issues. Market participants also want to know how sustainable we think Aaa ratings are in this industry, our opinion on industry f undamentals, and the transactions most susceptible to further economic deterioration, to name but a few topics. Because many of the calls received hi ghlight common themes, we have organized this document around our responses to ## of the most frequently asked questions. ...

Report Type: Special Comment
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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.