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.
Build America Mutual, the only U.S. muni-only bond insurer, announced that Morgan Fahy has joined BAM’s capital markets team as a Vice President to help continue to build demand for BAM-insured bonds from institutional investors, particularly through secondary-market insurance transactions. She will report to Grant Dewey, Head of Municipal Capital Markets.
S&P Global Ratings published its full annual analysis of Build America Mutual and affirmed BAM’s AA rating and stable outlook, the strongest rating S&P assigns to any active bond insurer.
Build America Mutual, the U.S. municipal-only bond insurer, is expanding its presence in Texas, its most active state by transaction volume. Greg Pacifico, Managing Vice President and Head of Texas Public Finance, will lead BAM’s new office in Austin, and Vlad Puchek, an Associate Vice President in the Surveillance group, will be based in Houston.
Build America Mutual, the only mutual, U.S. municipal-only bond insurer, today published its 2020 statutory financial results, reporting record par insured and total premiums. In addition to strong organic growth in capital during 2020, BAM completed a $150 million, fully collateralized reinsurance agreement with Fidus Re Ltd in the first quarter of 2021 that expands its claims-paying resources to more than $1.1 billion.
Build America Mutual, the only mutual municipal bond insurer, today announced an expansion of its BAM GreenStar verification program for transactions that align with the International Capital Markets Association’s Green Bond Principles. BAM will now verify any green bond transaction by an existing BAM member-issuer, regardless of whether it is insured, and will also streamline the continuing reporting requirements for participating issuers. In addition, BAM and the Nasdaq Sustainable Bond Network announced that BAM GreenStar-verified bonds will be eligible for inclusion on Nasdaq’s global platform for green bonds.
NEW YORK, June 30, 2020 – S&P Global Ratings announced that it has affirmed Build America Mutual’s AA rating and stable outlook, the strongest rating S&P assigns to any active bond insurer.
Recent events have driven home the reality that prejudice and discrimination continues to create inequities in the U.S. and stands in the way of building safe, healthy, and productive communities. Build America Mutual believes that any form of discrimination or inequity is intolerable.
Build America Mutual today announced that its Board of Directors elected Manning Rountree as Chairman, and Clarence Anthony, chief executive officer of the National League of Cities, as an independent director.
Kroll Bond Rating Agency today affirmed its AA rating and Stable outlook for Fidus Re Ltd.’s $100 million of principal-at-risk variable-rate notes, which were sold to fund a $100 million collateralized excess of loss reinsurance policy that provides additional claims-paying resources for Build America Mutual
Build America Mutual published its financial results for the second quarter of 2019, showing that BAM insured $2.9 billion par during the period and posted continued growth in par outstanding and claims-paying resources.
The National League of Cities last week released its 34th annual City Fiscal Conditions report, finding that city leaders are anticipating slower revenue growth in Fiscal 2019 and beyond, even as pressures for additional spending continue unabated.