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  "documentTitle": "Assured Guaranty (AGO)",
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  "authorName": "David Einhorn",
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      "text": "How much deterioration is a matter of opinion. AGO’s 10-K has this strange disclosure, which says that AGO uses its own internal credit ratings, rather than third party ratings.",
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      "text": "Unless otherwise noted, ratings on Assured Guaranty's insured portfolio and on bonds or notes purchased pursuant to loss mitigation strategies or other risk management strategies (loss mitigation securities) are Assured Guaranty's internal ratings. Internal credit ratings are expressed on a rating scale similar to that used by the rating agencies and generally reflect an approach similar to that employed by the rating agencies, except that Assured Guaranty's internal credit ratings focus on future performance, rather than lifetime performance.",
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      "text": "Source: AGO annual report available at http://assuredguaranty.com/investor-information/by-company/assured-guaranty-ltd.",
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