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Financial Security Assurance (FSA) is a financial guaranty insurance company (or monoline). In 2007, before the 2008 financial crisis, FSA was ranked number four among global monoline credit insurers. FSA insured primarily municipal bonds, asset-backed securities and mortgage-backed securities. Before insuring a municipal bond, monolines request a pledge of local tax revenues or revenues from essential public services such as municipal water charges. FSA was bought on 4 March 2000 for EUR€2.7 billion by the Franco-Belgian bank Dexia.〔(【引用サイトリンク】title=Dexia ache FSA Press Release )〕 On 1 July 2009, the FSA group, excluding its structured finance liabilities, was sold to Assured Guaranty Corporation. Assured Guaranty changed FSA's name to Assured Guaranty Municipal Corp. in July 2009. ==The subprime mortgage crisis== On 4 February 2008, Dexia announced that it was investing $500 million in FSA to "take advantage" of "increasing opportunities that have recently emerged" in the field of financing of US communities and public infrastructure.〔(【引用サイトリンク】title=Le Figaro Bourse )〕 On 20 June 2008, the US hedge fund manager Bill Ackman announced publicly that he bet on an FSA bankruptcy. Four days later, 24 June, 2008, Dexia provides a FSA credit line of 5 billion euros with an initial term of 5 years but renewable "as needed." FSA posted for the first quarter of 2008 a $ 421.6 million net loss due to impairment losses recorded on credit default swaps and losses on its portfolio of US mortgage bonds. On 23 July 2008, Moody's announced a lowering of the Aaa credit rating of FSA. On 7 August 2008, Dexia announced that FSA will exit the activity of ABS and devote its resources to public sector finance. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Financial Security Assurance」の詳細全文を読む スポンサード リンク
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