Assured Guaranty (AGO) offers credit protection and they have recently taken a haircut because of the hurricanes that ran through Puerto Rico. Although I do believe PR will recover in the next few years I am worried about a market recession in U.S. I don’t see credit protection during a recession doing well at all and if you look back to 08 they were decimated. Besides this risk the company has solid financials and is really well priced. What do you all think? Also what is your take on a credit protection company during a recession?