The stable outlook on the long-term debt ratings reflects that on Assured Guaranty UK Ltd. and Assured Guaranty Municipal Corp. (AA/Stable/--), together known as Assured Guaranty. The stable outlook on the SPUR reflects our expectation of continued good FM services delivery in line with contract requirements. This includes not incurring material unavailability or performance deductions and ensuring the satisfactory provision of lifecycle maintenance. We also expect SJO to rectify the latent construction defects over the next two years and that the cash reserved should be more than sufficient to cover the remediation costs. We could lower the long-term rating if we were to downgrade Assured Guaranty. We could take a negative rating action on the SPUR if: SJO did not
