Assured Guaranty Says Profit Will Surge on Derivatives Gains

Bloomberg- Assured Guaranty Ltd., which owns one of two bond insurers to have retained Aaa credit ratings, said its second-quarter profit would surge by more than 14 times because of gains in credit derivatives.

The company, whose second-biggest shareholder is billionaire investor Wilbur Ross, expects to post net income ranging from $515 million to $565 million, or $6.18 per share, for the quarter ended June 30, due to unrealized gains between $475 million and $525 million on credit derivatives, according to a statement today. Profit was $32.8 million, or 47 cents a share, in the same period of 2007.

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