NEW YORK, August 4, 2026 – S&P Global Ratings affirmed BAM Mutual’s AA rating and Stable outlook, the highest rating S&P assigns to any active bond insurer. In its report, S&P said “BAM has excellent capital adequacy, with a buffer above our ‘AAA’ stress level,” and “exceptional” liquidity.

“BAM is the only bond insurer focused on guaranteeing investments in essential infrastructure, and S&P’s rating and analysis are evidence of our committment to be a strong, durable financial partner to our issuer and investor stakeholders,” said BAM Chief Executive Officer Seán W. McCarthy. “Our underwriting standards, insured portfolio, and consistent growth in claims-paying resources all support that mission and the rating.”

S&P’s analysts wrote that they believe “BAM will continue to benefit from its strong market position, expanding secondary market push, and proven record of credit discipline,” and noted the recent growth in infrastructure investment by US municipal bond issuers, which has led to two consecutive years of record new-issue municipal bond sales. ”Much of the rise in new-money issues is attributed to state and local investment in essential infrastructure, a sector BAM targets.”

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, 2026, there were more than $145 billion of BAM-insured municipal bonds outstanding for more than 5,800 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