UPDATE 1-Ross-backed Assured Guaranty restates results
Oct 18 (Reuters) - Billionaire Wilbur Ross-backed Assured Guaranty Ltd said it was restating its net profit for 2011 quarters and the last two years to fix errors in the elimination of certain transactions related to financial guaranty variable interest entities.The Bermuda-based bond insurer said the estimated impact of the restatement on net income was a decrease of $11.2 million for 2009, $55.2 million for 2010, and an increase of $30.3 million for the first two quarters of 2011.The adjustments ... will have no impact on cumulative operating income over the affected periods or on operating shareholders' equity or adjusted book value as of June 30," Chief Financial Officer Robert Bailenson said.The restatements will reduce consolidated shareholders' equity by $36.1 million, which is less than 1 percent, Bailenson said.On Monday, Assured sued Credit Suisse Group AG for allegedly misleading it about the quality of mortgage loans underlying securities it insured, exposing it to hundreds of millions of dollars in potential claims.Shares of Assured closed at $11.88 on Monday on the New York Stock Exchange.