Assured Guaranty plummets 49% on analyst downgrade, Moody’s credit concerns
“We are concerned by Moody's announcement at a time when Assured is experiencing broad market acceptance and investor demand for our insured paper,” said Dominic Frederico, president and CEO, in a statement. “We believe it is important for investors to know that Moody's action is not at all reflective of a deterioration in Assured's capital base, credit exposures or earnings outlook.”
In today’s trading, shares of Assured Guaranty are at $9.61 at 10:22 a.m. ET, down $9.14 from Monday’s close. Trading volume is at more than 10.7 million shares, well above the average of 2.7 million shares.
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