FGIC and XLCA Continue to Work with Jefferson County to Solve Debt Crisis
April 10 2008 - 3:15PM
PR Newswire (US)
NEW YORK, April 10 /PRNewswire-FirstCall/ -- Financial Guaranty
Insurance Company ("FGIC"), a wholly owned subsidiary of FGIC
Corporation, and XL Capital Assurance Inc. ("XLCA"), a wholly owned
subsidiary of Security Capital Assurance Ltd (NYSE:SCA)
(collectively "the bond insurers") today announced that they
continue to work with Jefferson County, Alabama, to develop
solutions to the County's debt crisis that are not only fiscally
and environmentally responsible, but also sensitive to the needs of
the ratepayers. In a joint statement, the bond insurers commented,
"FGIC and XLCA are keenly aware of and sympathetic to the issues
currently facing Jefferson County and are developing and
implementing a potential solution to the crisis the County faces.
To this end, we have engaged a team of local and national experts,
including legal, engineering and finance professionals, to work
directly with the County Commission and the County's financial and
legal advisors to develop a remediation plan that will deliver
long-term financial integrity and stability for the sewer system
and the County. We believe that developing a long-term plan that
restores the sewer system's financial stability would benefit not
only Jefferson County, but also municipal issuers throughout the
state of Alabama." The bond insurers continued, "Though the
situation is difficult and complex, our companies are diligently
working towards achieving a fair solution for all parties,
including Jefferson County's ratepayers and its bondholders. FGIC
and XLCA believe it is in the best interests of all parties to
reach an understanding as quickly as possible to avoid the
significant and long-term negative consequences that would arise
from Jefferson County's failure to pay on its obligations." The
bond insurers continued, "If called upon, FGIC and XLCA will stand
behind our unconditional, absolute and irrevocable obligation to
pay interest and principal, as scheduled, on the insured Jefferson
County warrants as provided under the terms of our financial
guarantee insurance policies." About Financial Guaranty Insurance
Company Financial Guaranty Insurance Company, a wholly owned
subsidiary of FGIC Corporation, provides credit enhancement on
infrastructure finance and structured finance securities worldwide.
About XL Capital Assurance Inc. XL Capital Assurance Inc. is a
wholly-owned subsidiary of Security Capital Assurance Ltd, a
Bermuda-domiciled holding company whose common shares are listed on
the New York Stock Exchange (NYSE:SCA). FGIC Contact: Brian Moore
+1 212-312-2776 XLCA Contacts: Investors Frank Constantinople +1
441-279-7450 Media Michael Gormley +1 441-279-7450 Michele
Loguidice +1 212-333-3810 DATASOURCE: XL Capital Assurance Inc.;
Financial Guaranty Insurance Company CONTACT: Brian Moore, FGIC,
+1-212-312-2776, ; or, XLCA, investors: Frank Constantinople,
+1-441-279-7450, , or media, Michael Gormley, +1-441-279-7450, or ,
or Michele Loguidice, +1-212-333-3810, Web site:
http://www.scafg.com/
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