ACA Capital Announces ACA Financial Guaranty's "A" Rating from Standard & Poor's Affirmed

Business Wire, June 12, 2007

NEW YORK -- ACA Capital Holdings, Inc. (NYSE: ACA) today announced that Standard & Poor's has affirmed the "A" financial strength rating and stable outlook for ACA Financial Guaranty Corporation, ACA Capital's financial guaranty subsidiary.

In announcing its decision on June 8, 2007, S&P said the stable outlook for ACA Financial Guaranty reflects:

* Success of a revised business strategy implemented in early 2004

* Effective management team

* Substantially enlarged capital base

* Strong result under Standard & Poor's capital adequacy test for bond insurers

A full copy of Standard & Poor's report is available on ACA Capital's website, www.aca.com, under "Investor Relations - Rating Agency Reports".

ACA Capital is a holding company that provides asset management services and credit protection products to participants in the global credit derivatives markets, structured finance capital markets and municipal finance capital markets. ACA Capital's asset management services are provided through its asset management subsidiaries, ACA Management, L.L.C. and ACA Capital Management (U.K.) Pte. Limited, and its credit protection products are provided through its "A" rated financial guaranty insurance subsidiary, ACA Financial Guaranty Corporation. ACA Capital Management (U.K.) Pte. Limited is authorized and regulated by the Financial Services Authority.