ASSURED GUARANTY LTD
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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FY2025 · Filed Feb 27, 2026
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Insured Portfolio
Financial Guaranty Exposure
The following tables present information in respect of the financial guaranty insured portfolio to supplement the disclosures and discussion provided in Item 8. Financial Statements and Supplementary Data, Note 3. Outstanding Exposure. Unless otherwise noted, ratings on Assured Guaranty’s insured portfolio are Assured Guaranty’s internal ratings. Internal credit ratings are expressed on a rating scale similar to that used by the rating agencies and generally reflect an approach similar to that employed by the rating agencies, except that Assured Guaranty’s internal credit ratings focus on future performance, rather than lifetime performance.
The tables below show the Company’s ten largest U.S. public finance, U.S. structured finance and non-U.S. exposures by revenue source, excluding related authorities and public corporations, as of December 31, 2025.
Ten Largest U.S. Public Finance Exposures by Revenue Source
| Net Par Outstanding | Percent of Total U.S. Public Finance Net Par Outstanding | Rating | |
|---|---|---|---|
| (dollars in millions) | |||
| JFK New Terminal One, New York | $2,209 | 1.0% | BBB- |
| Pennsylvania (Commonwealth of) | 1,852 | 0.9 | BBB |
| Metro Washington Airports Authority (Dulles Toll Road) | 1,629 | 0.7 | BBB+ |
| New Jersey (State of) | 1,570 | 0.7 | BBB |
| Alameda Corridor Transportation Authority, California | 1,427 | 0.7 | BBB |
| Lower Colorado River Authority | 1,333 | 0.6 | A |
| New York Power Authority | 1,306 | 0.6 | AA- |
| New York Metropolitan Transportation Authority | 1,303 | 0.6 | A- |
| Foothill/Eastern Transportation Corridor Agency, California | 1,284 | 0.6 | BBB+ |
| CommonSpirit Health, Illinois | 1,231 | 0.6 | A- |
| Total of top ten U.S. public finance exposures | $15,144 | 7.0% | |
Ten Largest U.S. Structured Finance Exposures
| Net Par Outstanding | Percent of Total U.S. Structured Finance Net Par Outstanding | Rating | |
|---|---|---|---|
| (dollars in millions) | |||
| Private US Insurance Reserve Financing | $1,102 | 14.0% | AA- |
| Private US Insurance Reserve Financing | 1,100 | 14.0 | AA |
| Private US Insurance Reserve Financing | 1,000 | 12.7 | AA- |
| Private US Insurance Reserve Financing | 425 | 5.4 | AA- |
| Private US Insurance Reserve Financing | 398 | 5.1 | AA- |
| Private Middle Market CLO | 200 | 2.5 | AA |
| Private US Insurance Securitization | 177 | 2.2 | A |
| Private Middle Market CLO | 125 | 1.6 | BBB+ |
| Private US Insurance Securitization | 114 | 1.6 | AA |
| Private Fund Finance Transaction | 105 | 1.3 | A- |
| Total of top ten U.S. structured finance exposures | $4,746 | 60.4% | |
Ten Largest Non-U.S. Exposures
| Country | Net Par Outstanding | Percent of Total Non-U.S. Net Par Outstanding | Rating | |
|---|---|---|---|---|
| (dollars in millions) | ||||
| Southern Water Services Limited | United Kingdom | $2,866 | 5.3% | BBB- |
| Thames Water Utilities Finance PLC | United Kingdom | 2,400 | 4.4 | B |
| Dwr Cymru Financing Limited | United Kingdom | 2,060 | 3.8 | A- |
| Anglian Water Services Financing PLC | United Kingdom | 1,923 | 3.5 | A- |
| National Grid Gas PLC | United Kingdom | 1,864 | 3.5 | A- |
| Yorkshire Water Services Finance Plc | United Kingdom | 1,384 | 2.6 | BBB |
| Channel Link Enterprises Finance PLC | France, United Kingdom | 1,315 | 2.4 | BBB |
| Severn Trent Water Utilities Finance Plc | United Kingdom | 1,087 | 2.0 | BBB+ |
| Capital Hospitals (Issuer) PLC | United Kingdom | 1,060 | 2.0 | BBB- |
| United Utilities Water PLC | United Kingdom | 984 | 1.8 | BBB+ |
| Total of top ten non-U.S. exposures | $16,943 | 31.3% | ||
Financial Guaranty Portfolio by Issue Size
The Company seeks broad coverage of the market by insuring and reinsuring small and large issues alike. The following tables set forth the distribution of the Company’s portfolio by original size of the Company’s exposure.
Public Finance Portfolio by Issue Size
| Original Par Amount Per Issue | Number ofIssues | Net ParOutstanding | % of PublicFinanceNet ParOutstanding |
|---|---|---|---|
| (dollars in billions) | |||
| Less than $10 million | 10,180 | $31.7 | 11.9% |
| $10 million through $50 million | 3,826 | 66.4 | 25.0 |
| $50 million through $100 million | 694 | 41.1 | 15.5 |
| $100 million through $200 million | 378 | 44.8 | 16.9 |
| $200 million or greater | 264 | 81.6 | 30.7 |
| Total | 15,342 | $265.6 | 100.0% |
Structured Finance Portfolio by Issue Size
| Original Par Amount Per Issue | Number ofIssues | Net ParOutstanding | % of StructuredFinanceNet ParOutstanding |
|---|---|---|---|
| (dollars in billions) | |||
| Less than $10 million | 85 | $0.1 | 0.8% |
| $10 million through $50 million | 118 | 0.9 | 7.5 |
| $50 million through $100 million | 46 | 1.0 | 9.1 |
| $100 million through $200 million | 50 | 2.2 | 19.3 |
| $200 million or greater | 87 | 7.3 | 63.3 |
| Total | 386 | $11.5 | 100.0% |
Exposure to Puerto Rico
All of the Company’s insured exposure to various authorities and public corporations of the Commonwealth of Puerto Rico (Puerto Rico or the Commonwealth) is rated BIG. The Company’s Puerto Rico net par and net debt service outstanding as of December 31, 2025 were $553 million and $643 million, respectively, compared with net par and net debt service outstanding as of December 31, 2024 of $637 million and $756 million, respectively.
As of December 31, 2025, the Company’s only remaining outstanding unresolved insured Puerto Rico exposure subject to a payment default was PREPA, to which the Company had net par and debt service outstanding of $464 million and $537 million, respectively. As of December 31, 2024, PREPA net par and debt service outstanding were $532 million and $629 million, respectively. See “—Liquidity and Capital Resources—Insurance Subsidiaries, Financial Guaranty Policies” below and Item 8. Financial Statements and Supplementary Data, Note 4. Expected Loss to be Paid (Recovered), for more information.
The following table shows the scheduled amortization for PREPA. The Company guarantees payment of interest and principal when those amounts are scheduled to be paid and cannot be required to pay on an accelerated basis, although in certain circumstances it may elect to do so. When obligors default on their obligations, the Company is only required to pay the shortfall between the debt service due in any given period and the amount paid by the obligors.
Amortization Schedule of PREPA
Net Par Outstanding and Net Debt Service Outstanding
| Scheduled Net Par Amortization · Scheduled Net Debt Service Amortization | ||
|---|---|---|
| (in millions) | ||
| 2026 (January 1 - March 31) | $— | $9 |
| 2026 (April 1 - June 30) | — | 2 |
| 2026 (July 1 - September 30) | 106 | 114 |
| 2026 (October 1 - December 31) | — | 1 |
| Subtotal 2026 | 106 | 126 |
| 2027 | 106 | 122 |
| 2028 | 68 | 80 |
| 2029 | 39 | 47 |
| 2030 | 44 | 52 |
| 2031-2037 | 101 | 110 |
| Total | $464 | $537 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.