Capital Guaranty Insurance Co. is about to make its first significant mark on the municipal market since it received an Aaa rating from Moody's Investors Service in June.

The company is expected to back about $175 million of an intricate, pooled borrowing for assessment districts in the East Bay area near San Francisco. The tax-exempt deal, to be issued by the Pleasanton Joint Powers Finance Authority, uses a technique more familiar to structured finance than traditional municipal borrowing.

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