NEW YORK – BAM Mutual guaranteed $9.02 billion of U.S. municipal bonds in the first half of 2025, supported by record new-issue volume and a market-leading $1.25 billion of secondary-market insurance policies. BAM’s claims paying resources climbed to $1.88 billion as of June 30, up 13% from year-end 2024. “U.S. state and local governments are … Continued
NEW YORK – S&P Global Ratings this week released its full annual report on BAM Mutual and affirmed its AA rating and Stable outlook, the highest rating S&P assigns to any active bond insurer. In the report, S&P’s analysts said BAM’s key strengths included: S&P observed that BAM continues to benefit from “greater demand for … Continued
NEW YORK, March 17, 2025 – Kroll Bond Rating Agency upgraded its rating on Fidus Re’s $150 million Series 2021-1 Notes (Fidus II) from AA to AA+, and affirmed its AA rating on Fidus Re’s $150 million Series 2022-1 Notes (Fidus III) and recently-issued $275 million Series 2025-1 Notes (Fidus IV). All of the transactions … Continued
NEW YORK, October 22, 2024 – BAM Mutual today announced that municipal bond electronic trading expert Tom Vales will join the Board as an independent director representing BAM’s municipal issuer-members. Mr. Vales was elected to fill the unexpired term of John White, who is retiring. “Tom’s career has been about making fixed-income markets more transparent … Continued
BAM Mutual, the only mutual bond insurer focused on reducing the cost of debt sold for essential infrastructure, is opening a Melbourne office and will begin insuring bonds and loans sold to finance projects in Australia and New Zealand. BAM’s focus will include electricity transmission and distribution networks that support the energy transition, social infrastructure, and transportation facilities.
Build America Mutual and the Nevada Regional Medical Center (“NRMC”) have entered into a forbearance agreement following multiple covenant defaults on debt sold by the City of Nevada, Missouri on behalf of NRMC. There have been no payment defaults on the bonds.
S&P Global Ratings this week affirmed BAM’s AA rating and Stable outlook, the highest rating S&P assigns to any active bond insurer.
Build America Mutual, the U.S. municipal bond insurer, announced that veteran municipal bond investment banker and financial advisor John Miller will join the firm as a senior advisor, focusing on increasing utilization of bond insurance on large infrastructure and public power projects in the primary market.
Kroll Bond Rating Agency assigned a positive outlook to its AA rating on Fidus Re’s $150 million Series 2021-1 Notes (Fidus II), and affirmed its AA+ rating on Fidus Re’s $100 million Series 2018-1 Notes (Fidus I) and AA rating on Fidus Re’s $150 million Series 2022-1 Notes (Fidus III).
Build America Mutual’s Board of Directors elected Clarence Anthony, Chief Executive Officer of the National League of Cities, as Chairman of the Board.
he State of Connecticut used a debt service reserve fund insurance policy from Build America Mutual as part of a funding solution that allowed the state to launch the Connecticut Baby Bond Trust with an initial deposit of $398 million.
BAM DSRF insurance policies are flexible tools that allow U.S. municipal bond issuers to re-deploy cash from reserve funds for other public purposes, including reducing total outstanding debt, reducing annual debt-service costs, and financing additional essential infrastructure. BAM has issued more than 1,300 DSRF insurance policies for more than $3.7 billion nationwide.
S&P Global Ratings has published its full annual report on Build America Mutual and affirmed BAM’s AA rating and Stable outlook, the highest rating S&P assigns to any active bond insurer. The report recognized BAM’s “excellent capital adequacy with a buffer above its current rating” and the fact that BAM only insures U.S. municipal bonds, noting that “it has a broad presence across the U.S., and is only exposed to lower-risk sectors … We view BAM’s liquidity as exceptional based on the lack of any credit-sensitive liabilities or collateral-posting requirements, as well as the high-quality investment portfolio.”