Distrito Escolar del - Osceola County School District

23. BOND RATINGS
Following is a summary of the bond insurer for each of the District’s issues and its rating as of June 30,
2012.
Insurer Ratings
Fitch Moody's Standard & Poor's
Sales Tax Revenue Bonds
2001 Sales Tax Revenue Financial Guaranty Insurance Company* Not Rated Baa2/Negative Outlook BBB/Outlook Developing
2007 Sales Tax Revenue Assured Guaranty Municipal Corp.** Not Rated
Aa3/On Review for Possible
Downgrade
AA-/Outlook Stable
Certificates of Participation
2002 COPs Ambac Assurance Corporation Not Rated Rating Withdrawn Not Rated
2004 COPs Financial Guaranty Insurance Company* Not Rated Baa2/Negative Outlook BBB/Outlook Developing
2005 COPs
National Public Finance Guarantee
Corporation*** Not Rated Baa2/Negative Outlook BBB/Outlook Developing
2007 COPs Ambac Assurance Corporation Not Rated Rating Withdrawn Not Rated
2009 COPs Assured Guaranty Corporation Not Rated
Aa3/On Review for Possible
Downgrade
AA-/Outlook Stable
Note: The District's Series 2010 COPs are uninsured.
* Financial Guaranty Insurance Company ("FGIC") provided the financial guaranty insurance policy for these issues. Effective September 30, 2008, FGIC and MBIA Insurance
Corporation ("MBIA") executed the Reinsurance Agreement (the "Reinsurance Agreement") pursuant to which MBIA agreed that, as long as the Reinsurance Agreement was in
place, it would pay in accordance with covered FGIC policies, including municipal bond insurance policy with respect to this issue. On February 18, 2009, MBIA announced that it
has transferred its public finance portfolio, including all of MBIA's rights, interests and obligations under the Reinsurance Agreement, to MBIA Insurance Corp. of Illinois, which
has since been renamed National Public Finance Guarantee Corporation.
** Formerly known as Financial Security Assurance Inc.
*** MBIA provided the financial guaranty insurance policy for this issue. On February 18, 2009, MBIA announced that it had transferred its public finance portfolio, including
the policy with respect to this issue, to MBIA Insurance Corp. of Illinois, which has been renamed National Public Finance Guarantee Corporation.
24. LITIGATION
The District is involved in several threatened and pending legal actions. In the opinion of the District’s legal
counsel and management, it is not probable that a material loss will occur from these actions.
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