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    Ameeta Lobo Nelson • UBS

    Ameeta Lobo Nelson's questions to Assured Guaranty Ltd (AGO) leadership

    Ameeta Lobo Nelson's questions to Assured Guaranty Ltd (AGO) leadership • Q1 2025

    Question

    Ameeta Lobo Nelson of BofA Securities inquired about Assured Guaranty's U.K. water exposures, specifically the likelihood of a debt haircut for Thames Water, the expected process timeline, and the potential impact of tariffs on the company's insured credits.

    Answer

    CFO Benjamin Rosenblum explained that the company's reserving process involves probability-weighting multiple scenarios, not just reacting to market news. CEO Dominic Frederico added that the strong majority of their scenarios show no ultimate loss on the senior debt they guarantee and expects the regulatory process to resolve within 6 to 12 months. Regarding tariffs, Frederico noted the situation is fluid but that general market volatility and economic uncertainty tend to increase demand for Assured Guaranty's products.

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    Ameeta Lobo Nelson's questions to Morgan Stanley Direct Lending Fund (MSDL) leadership

    Ameeta Lobo Nelson's questions to Morgan Stanley Direct Lending Fund (MSDL) leadership • Q1 2025

    Question

    Ameeta Lobo Nelson of UBS, on for Doug Harter, questioned the nature of new loan demand given the increase in commitments and the future trajectory for leverage.

    Answer

    CEO Jeffrey Levin explained that Q1 deal activity was 'more of the same,' with no significant change in the size or sector of businesses financed, and that MSDL led or co-led all new deals. CFO David Pessah added that while they aim to increase leverage toward a 1.15x to 1.20x target, they will do so patiently, prioritizing credit quality over speed of deployment.

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