Laser Focus World is an industry bedrock—first published in 1965 and still going strong. We publish original articles about cutting-edge advances in lasers, optics, photonics, sensors, and quantum technologies, as well as test and measurement, and the shift currently underway to usher in the photonic integrated circuits, optical interconnects, and copackaged electronics and photonics to deliver the speed and efficiency essential for data centers of the future.

Our 80,000 qualified print subscribers—and 130,000 12-month engaged online audience—trust us to dive in and provide original journalism you won’t find elsewhere covering key emerging areas such as laser-driven inertial confinement fusion, lasers in space, integrated photonics, chipscale lasers, LiDAR, metasurfaces, high-energy laser weaponry, photonic crystals, and quantum computing/sensors/communications. We cover the innovations driving these markets.

Laser Focus World is part of Endeavor Business Media, a division of EndeavorB2B.

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Editorial Advisory Board

  • Professor Andrea M. Armani, University of Southern California
  • Ruti Ben-Shlomi, Ph.D., LightSolver
  • James Butler, Ph.D., Hamamatsu
  • Natalie Fardian-Melamed, Ph.D., Columbia University
  • Justin Sigley, Ph.D., AmeriCOM
  • Professor Birgit Stiller, Max Planck Institute for the Science of Light, and Leibniz University of Hannover
  • Professor Stephen Sweeney, University of Glasgow
  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

BAM Announces Kroll Bond Rating Agency Upgrades Fidus Re Series 2018-1 to AA-Plus

Affirms AA Rating on Series 2021-1 Notes

Kroll Bond Rating Agency upgraded its rating on Fidus Re’s $100 million Series 2018-1 Notes (Fidus I) to AA+ and affirmed its AA rating on Fidus Re’s $150 million Series 2021-1 Notes (Fidus II). The transactions were sold to fund collateralized excess-of-loss reinsurance agreements that provide additional claims-paying resources for Build America Mutual.

Kroll said the upgrade of Fidus I “primarily reflects actual amortization of the financial guarantee portfolio at a rate which exceeds the scheduled amortization at transaction issuance.” As a result, “the likelihood or probability that the modeled stress losses on the insured credit risk will exceed the attachment point has decreased, even at a higher confidence interval.”

BAM has paid no losses on the credits covered by the Fidus reinsurance agreements or any other insured exposures and has no credits on its Watch List.

The Fidus I notes insure losses in excess of $165 million on a covered portfolio that includes most transactions insured by BAM through December 31, 2017. The Fidus II notes insure losses in excess of $135 million on a covered portfolio that primarily includes transactions insured by BAM between January 1, 2018 and October 31, 2020.

About Build America Mutual

BAM is a mutual bond insurance company operated for the benefit of its members – the cities, states, and other municipal entities that use BAM’s financial guaranty to lower their cost of borrowing – and BAM is the preferred provider of bond insurance for members of the National League of Cities, and was launched in 2012 with initial capital provided by subsidiaries of White Mountains Insurance Group, Ltd. (NYSE: WTM).

As of December 31, 2022, there were $98 billion of BAM-insured municipal bonds outstanding for approximately 5,000 member-issuers.

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