Assured Guaranty (AGO) is up $3.84 to $21.94 after Moody’s downgraded the company’s credit rating, but maintained AGO in a double-A rating category. Some investors might have been fearing worse, as shares are up and options players appear to be looking for additional upside in Nov calls. 2846 Nov 22.5s traded (74 percent hitting ask-side). Another 1700 Nov 25 calls changed hands (78 percent hitting ask-side). Implied volatility (average) is up to 71.6, from about 62.1 late yesterday. [Note: OptionHawk's Joe Kunkle highlighted some bullish trading activity in AGO for readers yesterday morning, before today's news. Read More.]