Assured Guaranty (Europe) plc (AGE)* announced that it has guaranteed principal and interest payments that are payable by Transform Schools (North Lanarkshire) Funding Plc on £88 million of index-linked bonds and a £70 million European Investment Bank Loan.

As the guarantor, AGE guarantees timely payment of scheduled principal and interest to debtholders, throughout the life of the debt. AGE replaced the prior guarantor, Syncora Guarantee Inc.

The project was originally financed in 2004 and construction of the 24 schools was successfully completed in 2008. It was constructed by Balfour Beatty and is operated and maintained by Engie. The concession runs to 2037. The sponsors are Equitix and Innisfree.

The debt is currently rated BBB based on the underlying project rating; however, it is expected that the debt rating will be upgraded to AA as a result of the AGE guarantee, which enhances the credit quality of the debt.

Dominic Nathan, Managing Director, AGE, commented:

"This is a great transaction for all parties involved, as Assured Guaranty (Europe) becomes the guarantor and controlling creditor and has UK-based dedicated resources to monitor this transaction’s performance. In addition, we expect debtholders to benefit from an upgrade of the transaction from its current BBB underlying rating to an Assured Guaranty (Europe) enhanced rating of AA.”

IMPORTANT NOTICE

This announcement is for information purposes only.This announcement does not constitute an offer to sell or the solicitation of an offer to buy any securities.

*Assured Guaranty (Europe) plc (AGE) (formerly Assured Guaranty (Europe) Ltd.) (company number 2510099) is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. AGE provides its financial guarantee together with a co-guarantee from its affiliate Assured Guaranty Municipal Corp. (AGM).

Through its subsidiaries, Assured Guaranty Ltd. (AGL and, together with its subsidiaries, Assured Guaranty) is the leading provider of financial guarantees for principal and interest payments due on municipal, public infrastructure and structured financings. Its subsidiary AGM guarantees international infrastructure and U.S. municipal bonds - and was previously named Financial Security Assurance Inc. (FSA) before becoming an Assured Guaranty company in July 2009. AGE, a subsidiary of AGM, is Assured Guaranty’s European operating platform. AGL is a publicly traded (NYSE: AGO), Bermuda-based holding company. More information on AGL and its subsidiaries can be found at AssuredGuaranty.com.

Nothing contained herein shall constitute an invitation or recommendation to invest or otherwise deal in, or an offer to sell or the solicitation of an offer to buy or subscribe for, any security.

Cautionary Statement Regarding Forward-Looking Statements:

Any forward-looking statements made in this press release reflect Assured Guaranty’s current views with respect to future events and are made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. These risks and uncertainties include, but are not limited to, the failure of the rating agencies to upgrade the debt rating of the transaction to reflect the financial guarantee from Assured Guaranty (Europe) on a timely basis or at all, and adverse actions that the rating agencies may take with respect to Assured Guaranty’s financial strength ratings. The risks and uncertainties also include those resulting from Assured Guaranty’s inability to execute its strategies; the demand for Assured Guaranty’s financial guarantees; adverse developments in Assured Guaranty’s guaranteed portfolio; and other risks and uncertainties that have not been identified at this time, management’s response to these factors, and other risk factors identified in AGL’s filings with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which are made as of October 24, 2017. Assured Guaranty undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.