913357--4/2/2007--FINANCIAL_SECURITY_ASSURANCE_HOLDINGS_LTD

related topics
{loss, insurance, financial}
{loan, real, estate}
{provision, law, control}
{operation, international, foreign}
{regulation, change, law}
{condition, economic, financial}
{cost, contract, operation}
{tax, income, asset}
{debt, indebtedness, cash}
{stock, price, share}
Loss of FSA s Triple-A ratings would impair its ability to originate new business. The Company s loss reserves may prove inadequate. The Company is exposed to large risks. FSA is expanding into new business lines having a higher potential loss severity. Increased competition could reduce the Company s new business originations. Narrow credit spreads could continue to reduce demand and premiums for financial guaranty insurance. Widening credit spreads would reduce the market value of the Company s FP Investment Portfolio. Increase in prevailing interest rates would result in a decline in the market value of the Company s General Investment Portfolio. Marking to market the Company s insured CDS portfolio may subject the Company s reported earnings to extreme volatility. Change in industry and other accounting practices could impair the Company s reported financial results and impede its ability to do business. The Company has received subpoenas related to an investigation of the municipal GIC industry by the Department of Justice and the SEC. Change in applicable law could impede the Company s ability to do business. Change in management personnel or share ownership may have an adverse effect on the Company s business. Losses may result from the ineffectiveness of hedges or unanticipated timing of withdrawals of funds in the Company s FP Segment. The Company s ability to make debt service payments on its outstanding debt is subject to its insurance company operations. Downgrade or default of one or more of the Company s reinsurers could reduce the Company s capital adequacy and return on equity. The Company s international operations expose it to less predictable credit and legal risks.

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