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Dan Champeau Joins FSA as a Director in the Infrastructure Finance Group, Americas

 

New York, New York, April 23, 2007 - Triple-A rated bond insurer Financial Security Assurance announced today that Dan Champeau has joined the firm as a Director in the Infrastructure Finance Group - Americas. He will report to Olivier Garnier, Managing Director and Head of the Infrastructure Finance Group - Americas. Mr. Champeau joins FSA from Fitch Ratings, where he was Managing Director and the Head of the Global Infrastructure and Project Finance Group - Americas.

"We've had a long relationship with Dan and feel he brings the right combination of experience in both P3s and Project Finance. He will make a strong addition to our team," said Olivier Garnier, Managing Director.

In earlier positions at Fitch, Dan was the Head of the New York Public Finance office, and also managed all Revenue bond and Infrastructure ratings groups nationwide, including transportation, public power utilities, health care/hospitals, sports/entertainment facilities, among others. He was also the Vice Chairman of the Public Finance Executive Committee.

Mr. Champeau has more than 15 years' experience in the bond industry. He is an active member of MAGNY, the NFMA and has served on committees for Airports Council International-North America (ACI-NA). Additionally, he has won the Smith's Research and Ratings Review "All Star Analyst" award in Special Revenue bonds and in November 2003 was a recipient of the Street and Smith's Sports Business Journal's "40 Under Forty" award, reflecting his work in sports facility project and public financings.

Mr. Champeau earned a BA from the University of Maryland at College Park, and holds an MBA from San Francisco State University.

FSA guarantees principal and interest on municipal and public infrastructure bonds and asset-backed securities issued in markets around the world. FSA's financial strength is rated AAA by Fitch Ratings, Aaa by Moody's Investors Service, Inc., AAA by S&P and AAA by Rating and Investment Information, Inc. (R&I). FSA is a wholly owned subsidiary of Financial Security Assurance Holdings Ltd. (the Company), a member of the Dexia Group. Headquartered in New York, FSA has regional offices in San Francisco and Dallas; a London-based, U.K.-licensed subsidiary, Financial Security Assurance (U.K.) Limited, with representative offices in Madrid and Paris; a Singapore branch; and affiliate offices in Sydney and Tokyo.

Forward-Looking Statements

The Company relies on the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. This safe harbor requires that the Company specify important factors that could cause actual results to differ materially from those contained in forward-looking statements made by or on behalf of the Company. Accordingly, forward-looking statements by the Company and its affiliates are qualified by reference to the following cautionary statements.

In its filings with the SEC, reports to shareholders, press releases and other written and oral communications, the Company from time to time makes forward-looking statements. Such forward-looking statements include, but are not limited to, (1) projections of revenues, income (or loss), earnings (or loss) per share, dividends, market share or other financial forecasts; (2) statements of plans, objectives or goals of the Company or its management, including those related to growth in adjusted book value or return on equity; and (3) expected losses on, and adequacy of loss reserves for, insured transactions. Words such as "believes," "anticipates," "expects," "intends" and "plans" and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. The Company cautions that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in forward-looking statements made by the Company. These factors include:

  • changes in capital requirements or other criteria of securities rating agencies applicable to financial guaranty insurers in general or to FSA specifically
  • competitive forces, including the conduct of other financial guaranty insurers in general
  • changes in domestic or foreign laws or regulations applicable to the Company, its competitors or its clients
  • changes in accounting principles or practices that may result in a decline in securitization transactions
  • an economic downturn or other economic conditions (such as a rising interest rate environment) adversely affecting transactions insured by FSA or its investment portfolio
  • inadequacy of reserves established by the Company for losses and loss adjustment expenses
  • temporary or permanent disruptions in cash flow on FSA-insured structured transactions attributable to legal challenges to such structures
  • downgrade or default of one or more of FSA's reinsurers
  • the amount and nature of business opportunities that may be presented to the Company
  • market conditions, including the credit quality and market pricing of securities issued
  • capacity limitations that may impair investor appetite for FSA-insured obligations
  • market spreads and pricing on insured credit default swap exposures, which may result in gain or loss due to mark-to-market accounting requirements
  • prepayment speeds on FSA-insured asset-backed securities and other factors that may influence the amount of installment premiums paid to FSA
  • changes in the value or performance of strategic investments made by the Company
  • other factors, most of which are beyond the Company's control.

The Company cautions that the foregoing list of important factors is not exhaustive. In any event, such forward-looking statements made by the Company speak only as of the date on which they are made, and the Company does not undertake any obligation to update or revise such statements as a result of new information, future events or otherwise.