Financial Guarantees in Force (Tables)

12 Months Ended

Dec. 31, 2017

As of December 31, 2017 and 2016, the guarantee portfolio was diversified by type of guaranteed bond as shown in the following table:



Net Par Outstanding December 31,	2017		2016
Public Finance:
Lease and tax-backed revenue	$	11,893,000	$	15,688,000
Housing revenue	6,312,000		6,508,000
General obligation	6,257,000		9,867,000
Utility revenue	2,212,000		4,298,000
Transportation revenue	2,002,000		3,860,000
Higher education	1,642,000		2,339,000
Health care revenue	807,000		1,484,000
Other	963,000		1,018,000
Total Public Finance	32,088,000		45,062,000
Structured Finance:
Mortgage-backed and home equity	7,267,000		9,383,000
Investor-owned utilities	3,274,000		3,833,000
Student loan	1,238,000		1,388,000
Asset-backed ⁽¹⁾	443,000		565,000
CDOs	33,000		132,000
Other	1,561,000		1,650,000
Total Structured Finance	13,816,000		16,951,000
International Finance:
Investor-owned and public utilities	5,696,000		6,168,000
Sovereign/sub-sovereign	5,664,000		5,211,000
Asset-backed ⁽¹⁾	2,609,000		2,951,000
Transportation	1,777,000		1,700,000
Mortgage-backed and home equity	246,000		254,000
CDOs	—		186,000
Other	820,000		863,000
Total International Finance	16,812,000		17,333,000
Total	$	62,716,000	$	79,346,000


(1)	At December 31, 2017 and 2016, all asset-backed net par amounts outstanding relate to commercial asset-based transactions.

As of December 31, 2017 and 2016, the International Finance guaranteed portfolio by location of risk was as outlined in the table below:



Net Par Outstanding December 31,	2017		2016
United Kingdom	$	13,554,000	$	12,798,000
Italy	877,000		898,000
Austria	770,000		696,000
Australia	608,000		1,393,000
France	329,000		286,000
Internationally diversified ⁽¹⁾	368,000		648,000
Other international	306,000		614,000
Total International Finance	$	16,812,000	$	17,333,000


(1)	Internationally diversified obligations represent pools of geographically diversified exposures which may include components of U.S. exposure.