S&P Global Ratings affirmed Build America Mutual’s AA rating with a stable outlook, citing the insurer’s “extremely strong” capital, “prudent” underwriting strategy, and a “well-developed strategic plan [that] ensures liquidity of BAM’s insured paper.”
In assigning the rating, S&P recognized BAM’s unique mutual structure, which supports BAM’s long-term financial stability because “BAM’s owners are focused on a stable, low-cost source of financial guarantee support rather than a high return on investment.” BAM focuses on insuring U.S. municipal bonds for essential public purposes and its members are the issuers who use its guaranty to save money on their bond sales. S&P noted that BAM does not have any exposure to issuers in Puerto Rico.
In addition, S&P noted that “BAM provides market participants significant transparency in its insured portfolio through its website,” where BAM publishes a Credit Profile for every bond it insures, and updates them annually.
“BAM’s mission is to serve as an industry utility that provides strong, durable ratings and enhanced transparency for small- and medium-sized issuers and the investors in their bonds,” said BAM Chief Executive Officer Seán W. McCarthy. “The structural and operating strengths S&P recognized are what allow us to fulfill that mission and keep expanding our insured portfolio and claims-paying resources.”
S&P has rated BAM AA, the highest rating it currently assigns to any active financial guarantor, since it was launched in 2012. Since then, BAM has insured more than $30 billion of municipal bonds in more than 3,500 primary- and secondary market transactions.
About Build America Mutual
Build America Mutual improves municipal bond liquidity and market access for issuers by providing municipal bondholders with an unconditional, irrevocable guaranty that principal and interest will be paid on schedule. As a mutual insurer, BAM is operated for the benefit of its members – which are, exclusively, the U.S. cities, counties, towns, and other public-sector entities that use BAM’s financial guaranty to lower their cost of borrowing. BAM is sponsored by the National League of Cities. Learn more at: https://live-bambondscom.pantheonsite.io/about-bam/
For more information, please contact:
Michael Stanton, Head of Corporate Strategy and Communications 212-235-2575; mstanton@buildamerica.com

Build America Mutual today announced that Standard & Poor’s has affirmed the company’s financial strength rating at AA, with a stable outlook.

Build America Mutual, the first mutual insurer of US municipal bonds, and Lumesis, Inc. a leading provider of business efficiency, regulatory compliance and data solutions for the municipal market, today announced a joint initiative to improve investors’ access to municipal bond credit information by making BAM’s Obligor Disclosure Brief (ODB) credit summaries available to users of Lumesis’ DIVER Advisor platform.
Municipal bond investors, traders, and sales professionals use BAM’s ODBs to make their mandatory reviews of municipal credit quality faster and more efficient, while bond issuers – the public-sector entities that are BAM’s members – benefit from increased transparency that can improve the liquidity of their insured and uninsured bonds. BAM publishes an ODB for every issuer it insures, and updates them annually. To date, BAM has published more than 1,800 ODBs.
DIVER Advisor was developed to help the muni bond industry leverage technology to stay ahead of changing compliance obligations around time of trade disclosure, suitability and for those institutions subject to Dodd Frank’s standard of creditworthiness. The new integration will allow users to have one-click access to BAM’s ODBs for all insured CUSIPs. DIVER Advisor users will also be able to forward the ODBs to their clients for review.
In addition, DIVER Advisor will also flag uninsured CUSIPs that BAM has already pre-approved for its secondary-market insurance program. Bonds insured by BAM in the secondary market can benefit from an improved credit rating and heightened market liquidity.
“BAM’s ODBs are a clear complement to the information available on the DIVER Advisor platform. The annual ODB is another example of how we provide our users access to ‘material information reasonably accessible’ built into their workflow, ,”said Gregg L. Bienstock, Esq., CEO and Co-Founder of Lumesis..
“Improving market transparency is at the core of BAM’s mission to serve municipal bond issuers and investors – and that means delivering useful credit information to the market when it’s most valuable. Our integration with DIVER Advisor does that, putting the information in the hands of a retail advisor at the moment they need it to help evaluate a bond purchase decision, or explain a credit to their client,” said Build America Mutual CEO Seán W. McCarthy.
About Build America Mutual
Build America Mutual improves municipal bond liquidity and market access for issuers by providing municipal bondholders with an unconditional, irrevocable guaranty that principal and interest will be paid on schedule. As a mutual insurer, BAM is operated for the benefit of its members – which are, exclusively, the U.S. cities, counties, towns, and other public-sector entities that use BAM’s financial guaranty to lower their cost of borrowing. BAM is sponsored by the National League of Cities. Through May 15, BAM has written more than 2,000 policies, insuring more than $17 billion of municipal securities. Learn more at https://live-bambondscom.pantheonsite.io/about-bam/
About Lumesis
Lumesis, Inc. is a financial technology company focused on providing business efficiency, data and regulatory solutions to the municipal bond marketplace. Founded in 2010, Lumesis is completely dedicated to serving the municipal market with industry-leading analysis and compliance solutions that meet the needs of an evolving regulatory environment. Today, the company’s DIVER platform helps hundreds of firms with over 40,000 users efficiently meet credit, regulatory and risk needs. Lumesis investors include Safeguard Scientifics, Inc. (NYSE:SFE) Learn more
at https://www.lumesis.com
For more information, please contact:
Michael Stanton, Head of Corporate Strategy and Communications, Build America Mutual 212-235-2575; mstanton@buildamerica.com

NEW YORK – BAM Mutual guaranteed a record $21.15 billion of U.S. municipal bonds in 2025, up 16% from 2024. Total premiums in the first nine months were $160.2 million, and BAM’s claims-paying resources rose to $1.9 billion. BAM’s Statutory Financial Statements and Operating Supplements are available in the Credit Rating and Financial Information section … Continued

NEW YORK, November 10, 2025 – BAM Mutual guaranteed a record $14.75 billion of U.S. municipal bonds in the first nine months of 2025, up 9.2% from the same period in 2024. Total premiums in the first nine months were $108.2 million, up 24% from the same period of 2024. BAM’s claims-paying resources rose to … Continued

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 – BAM Mutual, the U.S. municipal bond insurer, announced that Philip Moos will join BAM’s capital markets team to support continued growth in BAM’s secondary-market insurance activity with institutional investors. He will report to Bryan Baebler, BAM’s Head of Municipal Capital Markets. Mr. Moos is a 30-year veteran of sales and trading roles … Continued