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:

• “Conservative underwriting with a focus on the lower-risk sectors of the U.S. public finance market
• “Exceptional” liquidity
• “Excellent capital adequacy with a buffer above our ‘AAA’ stress level,” and “management’s committment to maintaining this level of capital adequacy.

S&P observed that BAM continues to benefit from “greater demand for insured bonds in the US Public Finance market, which first emerged during the pandemic, as well as stronger pricing trends.”  

The full report can be viewed on BAM’s website.

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.  BAM is the preferred provider of bond insurance for the National League of Cities. As of June 30, 2025, there were more than $125 billion of BAM-insured municipal bonds outstanding for more than 5,400 member-issuers. Learn more at https://www.bambonds.com

For more information, please contact:

Michael Stanton, Head of Corporate Strategy and Communications

212-235-2575; mstanton@bambonds.com