NY Gov. Andrew Cuomo Announces New Bond Insurer for Municipal Pr - FOX44 - Burlington / Plattsburgh News, Weather & Sports

NY Gov. Andrew Cuomo Announces New Bond Insurer for Municipal Projects

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ALBANY, N.Y. -

Governor Cuomo announced licensing of new bond insurer to serve small and mid-sized municipal projects.

According to a press release, the Department of Financial Services (DFS) has licensed Build America Mutual Assurance Company (BAM).

"New York is committed to fostering innovative new businesses. Build America will strengthen the economy and help create jobs not only in New York, but around the nation, by helping small local governments raise the funds they need to build necessary projects, while saving taxpayers' money," Governor Cuomo said.

The press release states that BAM secured a "AA" rating from Standard & Poor's, making it the highest-rated bond insurer in the nation.

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