New York (AP) - Assured Guaranty Ltd. on Friday said it completed its sale of 27.5 million common shares for $20.90 apiece.

The Bermuda-based bond insurer said the net proceeds of the sale totalled about $574 million. It intends to use the funds to meet credit rating agency requirements to maintain its AA ratings from Moody's Investors Services.

Assured Guaranty said it will not execute a previously arranged reinsurance agreement outlined after a Moody's downgrade in November, because of the size of the offering.

It had expected to generate $300 million in its effort to meet ratings agency requirements.

Assured Guaranty shares slipped 46 cents to $21.43 on Friday.