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Showing results for SYNCORA CAPITAL ASUSRANCE INC.
...“We are making significant progress in transforming Prepa and the formalisation of our agreement solidifies the support of key creditors, and will help facilitate a sustainable capital structure for Prepa...
...That action is likely to trigger payouts on credit default swaps written against Ambac, as happened with both Syncora and FGIC....
...The only prior CDS event on a bond insurer involved Syncora, formerly known as XL Capital Assurance, which was itself an operating subsidiary of Security Capital Assurance (SCA)....
...A similar dynamic helped bond insurer Syncora terminate CDS it had written on structured securities....
...Syncora has guaranteed more than $140bn of bonds, mainly municipal debt and structured finance....
...Subsequently, XLCA rebranded as Syncora Guarantee Inc – except that, legally, that had been its denomination since 2006....
...Soon after Wells Fargo said it had failed to receive the payments, it was deemed that the insurer in question – XL Capital Assurance, part of SCA which is now renamed Syncora – had defaulted....
...Analysts also noted the failure this week of Syncora, the US bond insurer. “There’s the potential for a round of jitters,” analysts at RBS said....
...Syncora was only a reserve release away from breaching minimum statutory capital requirements. FGIC is barely better. Ambac and MBIA continue to see their ratings hacked at by the rating agencies....
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