NEW YORK (Standard&Poor's) Sept. 27, 2011--Standard&Poor's Ratings Services said today that the placement of Assured Guaranty Corp.'s (AGC; AA+/Watch Neg/--) and its operating companies' ratings on CreditWatch with negative implications does not affect the ratings on M-S-R Energy Authority's series 2009 bonds (A/Negative). Bondholders rely on an AGC-issued surety policy to fund debt service in case a municipal participant defaults. Each policy is equal to the maximum two monthly gas volumes for the municipal participant at $25 per million Btu. The CreditWatch placement reflects Standard&Poor's opinion that there is significant concentration risk in AGC's consolidated insured portfolio. The existing legacy insured portfolio of exposures that AGC maintains contains many exposures that breach the largest-obligors
