I didn't believe Moodys would be able to complete their review just a week after the earnings report. I think is hell bent on downgrading but Assured management is probably going nuts with them on their application of their criteria. I think they are AA. Munis aren't being downgraded that much except a few cities that got very careless on pensions. Most of the structured book has either rolled off or seeing improvement on losses. Trials against the remaining banks should be favorable to Assured because the banks showed no reasonable efforts to comply with their own reps and warranties. They never thought they would get caught on it.