Moodys      S&P        Fitch    Aaa AAA AAA Aa1 AA+ AA+ Aa2 AA AA Aa3 AA- AA- A1 A+ A+ A2 A A A3 A- A- Baa1 BBB+ BBB+ Baa2 BBB BBB Baa3 BBB- BBB- Ratings below Baa3/BBB- are generally considered to be below investment grade. Who Are the Bond Insurers? Claims Paying Ability Moody's/S&P/Fitch Insurer Aaa/AAA/AAA   Financial Security Assurance Inc. (FSA) Aaa/AAA/AAA   Assured Guaranty A3/A/NR   RADIAN (formerly Asset Guaranty Insurance Co.) Aa3/AA/NR   AMBAC Assurance Corporation A2/AA/NR   MBIA Insurance Corporation B2/BBB-/CCC   SCA (XLCA) B1/BB/CCC   Financial Guaranty Insurance Company (FGIC) Ba2/A-/CCC   CIFG N/A / N/A / N/A   American Capital Access (ACA) AMBAC, MBIA, XLCA, FGIC and CIFG are on credit watch for possible downgrade. Claims Paying Ability Additional Credit Enhancement Entities Aa1/AA+   QSBLF (MI) Aa2/AA/AA+   Michigan Transportation Fund Aaa/AAA   PSF (Texas Public School Fund) Aa2/AA+   Credit Enhancement Program (MN)

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