Gone are the days when securitization deals were either wrapped or unwrapped. These days securitizers can select deal enhancement from the traditional monolines, international agencies such as the International Financial Corp. (IFC), and the World Bank; multiline insurers, such as Zurich U.S.; and U.S. federal agencies, like Overseas Private Investment Corp. (OPIC).

"With the wide variety of insurance policies out there, investors should be aware of what is being covered and what is not," said Rosario Buendia, director of the structured finance department for Latin America at Standard & Poor's.

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