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CAPMAC ACQUISITION CORP. COMPLETES PURCHASE OF CAPMAC FROM CITICORP; CAPMAC TRIPLE-A RATINGS REAFFIRMED BY RATING AGENCIES

 CAPMAC ACQUISITION CORP. COMPLETES PURCHASE OF CAPMAC FROM CITICORP;
 CAPMAC TRIPLE-A RATINGS REAFFIRMED BY RATING AGENCIES
 NEW YORK, June 25 /PRNewswire/ -- CapMAC Acquisition Corp. today announced that it has completed the purchase of CapMAC Holdings Inc. from Citicorp. CapMAC Holdings Inc. is the parent of Capital Markets Assurance Corporation, known as CapMAC. CapMAC Acquisition Corp. is led by an investor group that includes CapMAC senior management and employees; Dillon Read's Saratoga Partners II, L.P.; an investment group comprising members of the William Rockefeller family; and a number of other investors.
 CapMAC is a leading financial guaranty insurance company providing credit enhancement for taxable securities, particularly asset-backed securities, in the public and private capital markets.
 John B. Caouette, chairman and chief executive officer of CapMAC Holdings, said, "CapMAC has been a successful company since its inception in 1987. The fundamentals necessary for continued demand for credit enhancement are as favorable now as they have ever been. We view this purchase as representing a confirmation of our hard work and achievements to date. All of the investors share in the conviction that CapMAC's strong capital base, sound portfolio and experienced employees will enable us to continue to be highly successful in the future."
 CapMAC also announced that it has been informed by Moody's Investor Service, Standard & Poor's, and Duff & Phelps, that all three rating agencies have reaffirmed their triple-A ratings of CapMAC.
 CapMAC was founded in 1987 and until today's purchase was a wholly- owned subsidiary of Citicorp. Each issue of securities insured by CapMAC receives CapMAC's triple-A rating. In addition, after structuring and guaranteeing an issue, CapMAC monitors the issue over its entire life.
 -0- 6/25/92
 /CONTACT: Fred Garcia or Susan Loewe of Clark & Weinstock, 212-953-2550, for CapMAC Acquisition Corp./ CO: CapMAC Acquisition Corp.; CapMAC Holdings Inc. ST: New York IN: INS SU: TNM


GK-LR -- NY046 -- 3826 06/25/92 13:34 EDT
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Publication:PR Newswire
Date:Jun 25, 1992
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