AGC Enters Direct Financial Guaranty Market.Business Editors NEW YORK--(BUSINESS WIRE)--Sept. 17, 2003 ACE Guaranty Corp. ("AGC AGC Automatic Gain Control AGC Automotive Glass Cartridge (fuse) AGC Associated General Contractors AGC Associated General Contractors of America AGC Atypical Glandular Cells AGC Attorney-General's Chambers ") issued its financial guaranty insurance policy on mortgage pass-through certificates issued by Morgan Stanley ABS Capital I Inc. Trust 2003-NC9. The unique structure uses AGC's guaranty to insure the Class A-1, Class A-2, Class A-3 and Class M tranches of the offering. Fully subscribed Fully Subscribed A situation in which an underwriting firm has successfully sold to investors all of its available issues of a public offering of securities. When the issue is fully subscribed, the underwriter's risk of being undersubscribed (being unable to sell its allotment of , the deal is backed by home equity collateral provided by New Century Mortgage Corporation, and is serviced by HomeEq Servicing Corporation. "We are extremely pleased with our successful debut in the direct financial guaranty insurance market," said Howard Albert, President of AGC. "We were able to meet our customer's needs and timeframe, while upholding our high credit standards Credit Standards The guidelines a company follows to determine whether a credit applicant is creditworthy. ." Jay Merves, Senior Vice President of marketing, added, "Issuers and investors are looking to diversify their sources of financial guaranty and we're happy to be part of their solution." AGC is a AAA/Aa2 rated monoline bond insurer and a leading participant in providing credit enhancement to structured finance and municipal transactions. Over fifteen years of underwriting experience, coupled with superior financial strength, has made AGC the credit enhancement provider of choice for numerous issuers, dealers, insurers, and bond investors. Additional information can be found at www.aceguaranty.com. AGC is one of the ACE Group of Insurance and Reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. Companies (NYSE NYSE See: New York Stock Exchange : ACE). |
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