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 were sold to fund collateralized excess-of-loss reinsurance agreements that provide additional claims-paying resources for BAM Mutual. The Fidus IV transaction included the first refinancing of a transaction in the series, and generated $175 million of net new claims-paying resources for BAM.

Kroll said the Fidus II upgrade, “primarily reflects actual amortization of the financial guarantee portfolio exceeding the scheduled amortization at transaction issuance, reducing the likelihood or probability that modelled stress losses on the insured credit risks will exceed the attachment point, even at a higher confidence level.”

BAM has recorded no losses on the credits covered by the Fidus agreements or any other insured exposures.

About BAM Mutual

BAM is a mutual bond insurance company operated for the benefit of its members – the cities, states, and other municipal entities that use BAM’s financial guaranty to lower their cost of borrowing – and  BAM is the preferred provider of bond insurance for members of the National League of Cities. As of March 15, 2025, there were $123 billion of BAM-insured municipal bonds outstanding for more than 5,700 member-issuers.

For more information, please contact:

Michael Stanton, Head of Corporate Strategy and Communications

212-235-2575; mstanton@buildamerica.com