A Bermuda-domiciled holding company whose operating subsidiaries provide financial guaranty insurance, reinsurance and other credit enhancement products to the public finance and structured finance markets throughout the United States and internationally.
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This is what we call a balls to the walls pick. Security Capital Assurance looks fantastic on paper at just 1.2 times future earnings, less than 0.2 times book and 253M in cash with no debt. The problem lies in the CDOs its backing. In order for SCA to maintain its AAA credit rating it must raise roughly 2 billion dollars in additional cash or deal with considerably higher payments to back those CDOs. They have no debt so im sure there are credit facilities available to SCA and I highly doubt they will be denied a negotiable payment scheme on what they are already backing, so the risk-reward is more than fair right here. Don't expect XL Capital to save them but they're worth the gamble.
Nero
Sagetrade