Dec 21 -
-- On Nov. 30, we lowered our rating on Assured Guaranty (Europe).
-- Assured Guaranty (Europe) provides an unconditional and irrevocable guarantee to
bondholders holding the notes issued by Artesian Finance.
-- The ratings on Artesian Finance's notes reflect the rating on the financial guarantor.
-- As a result, we have also lowered our ratings on Artesian Finance, to reflect the recent
downgrade of Assured Guaranty (Europe).
Standard & Poor's Ratings Services today lowered to 'AA- (sf)' from 'AA+ (sf)' and removed
from CreditWatch negative its credit ratings on Artesian Finance PLC's GBP473.028 million
index-linked guaranteed 3.625% series 1-7 senior secured bonds, issued under its GBP750 million
medium-term note program (see list below). This follows our Nov. 30 downgrade of the financial
guarantor, Assured Guaranty (Europe) Ltd.
On Nov. 30, we lowered our rating on Assured Guaranty (Europe) to 'AA-' from 'AA+' and
removed it from CreditWatch negative, as a result of the application of our updated bond
insurance criteria (see "Assured Guaranty Ltd. And Operating Companies Downgraded; Outlook
Our ratings on Artesian Finance's notes reflect Assured Guaranty (Europe)'s financial
guarantee of scheduled payment of principal and interest to bondholders. As such, today's rating
actions follow our earlier rating action on Assured Guaranty (Europe).
At the same time, we are recording under the same ISIN code all outstanding tap issuances,
as they all rank pari passu and are fully fungible. The existing ratings on the GBP46,363,000
and GBP149,364,000 tap issuances will be recorded in our system as 'NR' (not rated), with only
one issue--having an aggregated notional amount of GBP473.028 million--left outstanding in our
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating relating to an
asset-backed security as defined in the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a description of how they
differ from the representations, warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially rated (including preliminary
ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report included in this credit rating
report is available at