76 economic environment the company continued to be the most active provider of financial guaranty insurance in 2011 as a result of its financial strength and its ability to maintain its financial strength ratings in the double-a ratings category throughout the financial crisis . all of the company 's pre-2007 financial guaranty competitors , except agm , which the company acquired in 2009 , have had their financial strength ratings downgraded by rating agencies to below investment grade levels or are no longer rated , rendering them unable to underwrite new business . however , business conditions have been difficult for the entire financial guaranty insurance industry since mid-2007 and the company has faced challenges in maintaining its market penetration that continue today . while the overall economic environment in the u.s. at the end of 2011 was stronger than in 2010 , housing prices have not stabilized , unemployment rates have declined but remain relatively high and the ultimate credit experience on u.s. rmbs transactions underwritten from the end of 2004 through 2008 by many financial institutions , including the financial guaranty insurers , remains poor . furthermore , while hiring trends have improved , unemployment levels remain high and may take years to return to pre-recession levels , which may adversely affect assured guaranty 's loss experience on rmbs . in addition , the economic recession has also affected the credit performance of other markets , including securitizations of trust preferred securities ( `` trups `` ) that include subordinated capital and notes issued by banks , mortgage real estate investment trusts and insurance companies . the u.s. municipal bond market , which has been the company 's principal market since 2007 , has also changed significantly during the past three years . municipal credits have experienced increased budgetary stress . in addition , many states and towns have significant unfunded pension and retiree health care liabilities that create additional budgetary stress . although total state tax collections as well as sales tax and personal income tax collections grew in 2011 , overall tax collections are still weak compared with recent historical standards . in 2011 , new issuance volume in the u.s. and international public finance sectors did not return to historical levels , and the market for financial guaranty insurance was hampered by ratings uncertainty and municipal rating recalibrations . the primary contributing factors to the trend of low issuance volume have been : municipal issuers took advantage of the expiring build america bonds program in 2010 as opposed to using financial guaranty insurance , a reduction in capital spending due to municipal budget constraints and fiscal austerity , resulting in less need for increased debt , and a reluctance to increase taxes to service principal and interest costs under new debt . in the international arena , troubled eurozone countries are a source of stress in global equity and debt markets as the eu determines how to support financially weaker members such as greece . the company 's exposure to greece and other troubled eurozone countries is described in `` results of operationsconsolidated results of operationslosses in the insured portfolio `` and `` insured portfolioselected european exposures . `` the current economic environment has had a significant negative impact on the demand by investors for financial guaranty policies , and it is uncertain when or if demand for financial guaranties will return to their pre-economic crisis level . in particular , there has been limited demand for financial guaranties in 2011 in both the global structured finance and international infrastructure finance markets and also limited new issuance activity in those asset classes the company is actively trying to insure . as a result , near-term opportunities for financial guaranties in these two sectors are largely in secondary markets . the company expects that global structured finance and international infrastructure opportunities will increase in the future as the global economy recovers , issuers return to the capital markets for financings and institutional investors again utilize financial guaranties , although the company can not assure that this will occur . financial guaranties had been an essential component of capital market financings for international infrastructure projects and asset-based lending , such as for auto loans and leases and equipment financings , but these financings have been largely financed in recent years with relatively short-term bank loans . in 2011 , the company continued to be affected by a negative perception of financial guaranty insurers arising from the financial distress suffered by other companies in the industry during the financial crisis . in addition , the financial strength ratings of the company 's insurance subsidiaries were uncertain for most of the year . in january 2011 , after affirming agm and agc 's financial strength 77 ratings at aa+ ( stable outlook ) in october 2010 , s & p requested comments on proposed changes to its bond insurance ratings criteria , noting that if the proposed criteria were adopted , s & p could lower its financial strength ratings on existing investment grade bond insurers by one or more rating categories . in august 2011 , s & p released its final criteria , which contained a new `` largest obligor test `` that had not been included in the january 2011 request for comment . the largest obligor test had the effect of significantly reducing assured guaranty 's allowed single risk limits and limiting its financial strength rating level . then , in september 2011 , s & p placed the financial strength ratings of agm and agc on creditwatch negative . it was not until november 2011 that agm and agc were assigned financial strength ratings of aa- ( stable outlook ) . story_separator_special_tag the financial products companies ' obligations are currently , and at all times in the future required to be , supported by eligible assets in an amount sufficient to allow the financial products companies to meet their obligations . on september 29 , 2011 , the transaction documents required an analysis of the value of fsa asset management llc ( `` fsam `` ) assets versus the gics obligations and other associated liabilities of the financial products companies . on that day , the required amount of assets exceeded the liabilities , and therefore dexia was not required to post additional collateral to support its protection arrangements . assured guaranty believes the assets owned by the financial products companies are sufficient for them to meet their gic obligations and other associated liabilities . however , dexia is required to post additional collateral if there is any shortfall in assets as compared with liabilities in the future . in addition , as further described under `` liquidity and capital resourcesliquidity arrangements with respect to agmh 's former financial products business , `` the company has entered into various agreements with dexia pursuant to which dexia has assumed the credit and liquidity risks associated with agmh 's former financial products business . the cash portion of the purchase price for the agmh acquisition was financed through the sale of 44,275,000 common shares and 3,450,000 equity units in a public offering in june 2009. the equity units initially consist of a forward purchase contract and a 5 % undivided beneficial ownership interest in $ 1,000 principal amount 8.50 % senior notes due 2014 issued by agus ( `` 8.50 % senior notes `` ) . for a description of the equity units , see `` liquidity and capital resourcescommitments and contingencieslong term debt obligationsdebt issued by agus8.50 % senior notes . `` the net proceeds after underwriting expenses and offering costs for these two offerings totaled approximately $ 616.5 million . the company has agreed with dexia holdings to operate the business of agm in accordance with certain key parameters that will limit the company 's operating and financial flexibility . such restrictions include , for a three year period following the acquisition date ; the inability to insure new structured finance obligations , required rating agency confirmation that certain specified actions would not cause any downgrade of agm , inability to pay dividends , and inability to enter into certain commutation , novation or cutthrough reinsurance agreements over specified amounts . generally , for three years after the closing of the agmh acquisition : unless agm is rated below a1 by moody 's and aa- by s & p , it will only insure public finance and infrastructure obligations . an exception applies in connection with the recapture of business ceded by agm to a third party reinsurer under certain circumstances . agm will continue to be domiciled in new york and be treated as a monoline bond insurer for regulatory purposes . 83 agm will not take any of the following actions unless it receives prior rating agency confirmation that such action would not cause any rating currently assigned to agm to be downgraded immediately following such action : ( a ) merger ; ( b ) issuance of debt or other borrowing exceeding $ 250 million ; ( c ) issuance of equity or other capital instruments exceeding $ 250 million ; ( d ) entry into new reinsurance arrangements involving more than 10 % of the portfolio as measured by either unearned premium reserve or net par outstanding ; or ( e ) any waiver , amendment or modification of any agreement relating to capital or liquidity support of agm exceeding $ 250 million . agm will not repurchase , redeem or pay any dividends in relation to any class of equity interests , unless : ( a ) at such time agm is rated at least aa- by s & p and aa3 by moody 's ( if such rating agencies still rate financial guaranty insurers generally ) and the aggregate amount of such dividends in any year does not exceed 125 % of agmh 's debt service for that year ; or ( b ) agm receives prior rating agency confirmation that such action would not cause any rating currently assigned to agm to be downgraded immediately following such action . agm will not enter into : ( a ) commutation or novation agreements with respect to its insured public finance portfolio involving a payment by agm exceeding $ 250 million ; or ( b ) any `` cut-through `` reinsurance , pledge of collateral security or similar arrangement involving a payment by agm whereby the benefits of reinsurance purchased by agm or of other assets of agm would be available on a preferred or priority basis to a particular class or subset of policyholders of agm relative to the position of dexia as policyholder upon the default or insolvency of agm ( whether or not with the consent of any relevant insurance regulatory authority ) . this provision does not limit : collateral arrangements between agm and its subsidiaries in support of intercompany reinsurance obligations ; or statutory deposits or other collateral arrangements required by law in connection with the conduct of business in any jurisdiction ; or pledges of recoveries or other amounts to secure repayment of amounts borrowed under agm 's `` soft capital `` facilities or its strip liquidity facility with dcl . see `` liquidity and capital resourcesliquidity arrangements with respect to agmh 's former financial products businessstrip coverage facility for the leveraged lease business . `` furthermore , until the date on which ( 1 ) a credit rating has been assigned by s & p and moody 's to the gic issuers ( and or the liabilities of the gic issuers under the relevant gics have been separately rated by s & p and moody 's ) which is independent

principal and carrying amounts of debt replace_table_token_64_th ( 1 ) principal amounts vary from carrying amounts due primarily to acquisition method fair value adjustments at the acquisition date , which are accreted or amortized into interest expense over the remaining terms of these obligations . agl fully and unconditionally guarantees the following debt obligations issued by agus : ( 1 ) 7.0 % senior notes and ( 2 ) 8.50 % senior notes . agl also fully and unconditionally guarantees the following agmh debt obligations : ( 1 ) 6 7 / 8 % quarterly income bonds securities ( `` quibs '' ) , ( 2 ) 6.25 % notes and ( 3 ) 5.60 % notes . in addition , agl guarantees , on a junior subordinated basis , agus 's 135 series a , enhanced junior subordinated debentures and the $ 300 million of agmh 's outstanding junior subordinated debentures . debt issued by agus 7.0 % senior notes . on may 18 , 2004 , agus issued $ 200.0 million of 7.0 % senior notes due 2034 ( `` 7.0 % senior notes '' ) for net proceeds of $ 197.3 million . although the coupon on the senior notes is 7.0 % , the effective rate is approximately 6.4 % , taking into account the effect of a cash flow hedge executed by the company in march 2004 . 8.50 % senior notes . on june 24 , 2009 , agl issued 3,450,000 equity units for net proceeds of approximately $ 166.8 million in a registered public offering . the net proceeds of the offering were used to pay a portion of the consideration for the agmh acquisition . each equity unit consists of ( i ) a forward purchase contract and ( ii ) a 5 % undivided beneficial ownership interest in $ 1,000 principal amount 8.50 % senior notes due 2014 issued by agus .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```principal and carrying amounts of debt replace_table_token_64_th ( 1 ) principal amounts vary from carrying amounts due primarily to acquisition method fair value adjustments at the acquisition date , which are accreted or amortized into interest expense over the remaining terms of these obligations . agl fully and unconditionally guarantees the following debt obligations issued by agus : ( 1 ) 7.0 % senior notes and ( 2 ) 8.50 % senior notes . agl also fully and unconditionally guarantees the following agmh debt obligations : ( 1 ) 6 7 / 8 % quarterly income bonds securities ( `` quibs '' ) , ( 2 ) 6.25 % notes and ( 3 ) 5.60 % notes . in addition , agl guarantees , on a junior subordinated basis , agus 's 135 series a , enhanced junior subordinated debentures and the $ 300 million of agmh 's outstanding junior subordinated debentures . debt issued by agus 7.0 % senior notes . on may 18 , 2004 , agus issued $ 200.0 million of 7.0 % senior notes due 2034 ( `` 7.0 % senior notes '' ) for net proceeds of $ 197.3 million . although the coupon on the senior notes is 7.0 % , the effective rate is approximately 6.4 % , taking into account the effect of a cash flow hedge executed by the company in march 2004 . 8.50 % senior notes . on june 24 , 2009 , agl issued 3,450,000 equity units for net proceeds of approximately $ 166.8 million in a registered public offering . the net proceeds of the offering were used to pay a portion of the consideration for the agmh acquisition . each equity unit consists of ( i ) a forward purchase contract and ( ii ) a 5 % undivided beneficial ownership interest in $ 1,000 principal amount 8.50 % senior notes due 2014 issued by agus .
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 Suspicious Activity Report : 76 economic environment the company continued to be the most active provider of financial guaranty insurance in 2011 as a result of its financial strength and its ability to maintain its financial strength ratings in the double-a ratings category throughout the financial crisis . all of the company 's pre-2007 financial guaranty competitors , except agm , which the company acquired in 2009 , have had their financial strength ratings downgraded by rating agencies to below investment grade levels or are no longer rated , rendering them unable to underwrite new business . however , business conditions have been difficult for the entire financial guaranty insurance industry since mid-2007 and the company has faced challenges in maintaining its market penetration that continue today . while the overall economic environment in the u.s. at the end of 2011 was stronger than in 2010 , housing prices have not stabilized , unemployment rates have declined but remain relatively high and the ultimate credit experience on u.s. rmbs transactions underwritten from the end of 2004 through 2008 by many financial institutions , including the financial guaranty insurers , remains poor . furthermore , while hiring trends have improved , unemployment levels remain high and may take years to return to pre-recession levels , which may adversely affect assured guaranty 's loss experience on rmbs . in addition , the economic recession has also affected the credit performance of other markets , including securitizations of trust preferred securities ( `` trups `` ) that include subordinated capital and notes issued by banks , mortgage real estate investment trusts and insurance companies . the u.s. municipal bond market , which has been the company 's principal market since 2007 , has also changed significantly during the past three years . municipal credits have experienced increased budgetary stress . in addition , many states and towns have significant unfunded pension and retiree health care liabilities that create additional budgetary stress . although total state tax collections as well as sales tax and personal income tax collections grew in 2011 , overall tax collections are still weak compared with recent historical standards . in 2011 , new issuance volume in the u.s. and international public finance sectors did not return to historical levels , and the market for financial guaranty insurance was hampered by ratings uncertainty and municipal rating recalibrations . the primary contributing factors to the trend of low issuance volume have been : municipal issuers took advantage of the expiring build america bonds program in 2010 as opposed to using financial guaranty insurance , a reduction in capital spending due to municipal budget constraints and fiscal austerity , resulting in less need for increased debt , and a reluctance to increase taxes to service principal and interest costs under new debt . in the international arena , troubled eurozone countries are a source of stress in global equity and debt markets as the eu determines how to support financially weaker members such as greece . the company 's exposure to greece and other troubled eurozone countries is described in `` results of operationsconsolidated results of operationslosses in the insured portfolio `` and `` insured portfolioselected european exposures . `` the current economic environment has had a significant negative impact on the demand by investors for financial guaranty policies , and it is uncertain when or if demand for financial guaranties will return to their pre-economic crisis level . in particular , there has been limited demand for financial guaranties in 2011 in both the global structured finance and international infrastructure finance markets and also limited new issuance activity in those asset classes the company is actively trying to insure . as a result , near-term opportunities for financial guaranties in these two sectors are largely in secondary markets . the company expects that global structured finance and international infrastructure opportunities will increase in the future as the global economy recovers , issuers return to the capital markets for financings and institutional investors again utilize financial guaranties , although the company can not assure that this will occur . financial guaranties had been an essential component of capital market financings for international infrastructure projects and asset-based lending , such as for auto loans and leases and equipment financings , but these financings have been largely financed in recent years with relatively short-term bank loans . in 2011 , the company continued to be affected by a negative perception of financial guaranty insurers arising from the financial distress suffered by other companies in the industry during the financial crisis . in addition , the financial strength ratings of the company 's insurance subsidiaries were uncertain for most of the year . in january 2011 , after affirming agm and agc 's financial strength 77 ratings at aa+ ( stable outlook ) in october 2010 , s & p requested comments on proposed changes to its bond insurance ratings criteria , noting that if the proposed criteria were adopted , s & p could lower its financial strength ratings on existing investment grade bond insurers by one or more rating categories . in august 2011 , s & p released its final criteria , which contained a new `` largest obligor test `` that had not been included in the january 2011 request for comment . the largest obligor test had the effect of significantly reducing assured guaranty 's allowed single risk limits and limiting its financial strength rating level . then , in september 2011 , s & p placed the financial strength ratings of agm and agc on creditwatch negative . it was not until november 2011 that agm and agc were assigned financial strength ratings of aa- ( stable outlook ) . story_separator_special_tag the financial products companies ' obligations are currently , and at all times in the future required to be , supported by eligible assets in an amount sufficient to allow the financial products companies to meet their obligations . on september 29 , 2011 , the transaction documents required an analysis of the value of fsa asset management llc ( `` fsam `` ) assets versus the gics obligations and other associated liabilities of the financial products companies . on that day , the required amount of assets exceeded the liabilities , and therefore dexia was not required to post additional collateral to support its protection arrangements . assured guaranty believes the assets owned by the financial products companies are sufficient for them to meet their gic obligations and other associated liabilities . however , dexia is required to post additional collateral if there is any shortfall in assets as compared with liabilities in the future . in addition , as further described under `` liquidity and capital resourcesliquidity arrangements with respect to agmh 's former financial products business , `` the company has entered into various agreements with dexia pursuant to which dexia has assumed the credit and liquidity risks associated with agmh 's former financial products business . the cash portion of the purchase price for the agmh acquisition was financed through the sale of 44,275,000 common shares and 3,450,000 equity units in a public offering in june 2009. the equity units initially consist of a forward purchase contract and a 5 % undivided beneficial ownership interest in $ 1,000 principal amount 8.50 % senior notes due 2014 issued by agus ( `` 8.50 % senior notes `` ) . for a description of the equity units , see `` liquidity and capital resourcescommitments and contingencieslong term debt obligationsdebt issued by agus8.50 % senior notes . `` the net proceeds after underwriting expenses and offering costs for these two offerings totaled approximately $ 616.5 million . the company has agreed with dexia holdings to operate the business of agm in accordance with certain key parameters that will limit the company 's operating and financial flexibility . such restrictions include , for a three year period following the acquisition date ; the inability to insure new structured finance obligations , required rating agency confirmation that certain specified actions would not cause any downgrade of agm , inability to pay dividends , and inability to enter into certain commutation , novation or cutthrough reinsurance agreements over specified amounts . generally , for three years after the closing of the agmh acquisition : unless agm is rated below a1 by moody 's and aa- by s & p , it will only insure public finance and infrastructure obligations . an exception applies in connection with the recapture of business ceded by agm to a third party reinsurer under certain circumstances . agm will continue to be domiciled in new york and be treated as a monoline bond insurer for regulatory purposes . 83 agm will not take any of the following actions unless it receives prior rating agency confirmation that such action would not cause any rating currently assigned to agm to be downgraded immediately following such action : ( a ) merger ; ( b ) issuance of debt or other borrowing exceeding $ 250 million ; ( c ) issuance of equity or other capital instruments exceeding $ 250 million ; ( d ) entry into new reinsurance arrangements involving more than 10 % of the portfolio as measured by either unearned premium reserve or net par outstanding ; or ( e ) any waiver , amendment or modification of any agreement relating to capital or liquidity support of agm exceeding $ 250 million . agm will not repurchase , redeem or pay any dividends in relation to any class of equity interests , unless : ( a ) at such time agm is rated at least aa- by s & p and aa3 by moody 's ( if such rating agencies still rate financial guaranty insurers generally ) and the aggregate amount of such dividends in any year does not exceed 125 % of agmh 's debt service for that year ; or ( b ) agm receives prior rating agency confirmation that such action would not cause any rating currently assigned to agm to be downgraded immediately following such action . agm will not enter into : ( a ) commutation or novation agreements with respect to its insured public finance portfolio involving a payment by agm exceeding $ 250 million ; or ( b ) any `` cut-through `` reinsurance , pledge of collateral security or similar arrangement involving a payment by agm whereby the benefits of reinsurance purchased by agm or of other assets of agm would be available on a preferred or priority basis to a particular class or subset of policyholders of agm relative to the position of dexia as policyholder upon the default or insolvency of agm ( whether or not with the consent of any relevant insurance regulatory authority ) . this provision does not limit : collateral arrangements between agm and its subsidiaries in support of intercompany reinsurance obligations ; or statutory deposits or other collateral arrangements required by law in connection with the conduct of business in any jurisdiction ; or pledges of recoveries or other amounts to secure repayment of amounts borrowed under agm 's `` soft capital `` facilities or its strip liquidity facility with dcl . see `` liquidity and capital resourcesliquidity arrangements with respect to agmh 's former financial products businessstrip coverage facility for the leveraged lease business . `` furthermore , until the date on which ( 1 ) a credit rating has been assigned by s & p and moody 's to the gic issuers ( and or the liabilities of the gic issuers under the relevant gics have been separately rated by s & p and moody 's ) which is independent

