**Exhibit21.1**

LIST OF SUBSIDIARIES

 

The following is alist of our subsidiaries and their jurisdiction of incorporation as of December31, 2006 required to be listed pursuant to Item 601(b)(21) of Regulation S-K.

 

 
| ACA Holding, L.L.C.                        |   | Delaware       |
|--------------------------------------------|--------|----------------|
| ACA Financial Products, Inc.               |   | Delaware       |
| ACA Solutions, Ltd.                        |   | Bermuda        |
| ACA Assurance, Ltd.                        |   | Bermuda        |
| ACA Financial Guaranty Corporation         |   | Maryland       |
| ACA Service L.L.C.                         |   | Delaware       |
| ACA Risk Solutions, L.L.C.                 |   | Delaware       |
| ACA Intermediary, L.L.C.                   |   | New York       |
| ACA Risk Structures, L.L.C.                |   | Delaware       |
| ACA Securities, L.L.C.                     |   | Delaware       |
| ACA Financial Assets, L.L.C.               |   | Delaware       |
| ACA Management, L.L.C.                     |   | Delaware       |
| ACA CDS 2001-1, L.L.C.                     |   | Delaware       |
| ACA Capital Management (U.K.) Pte. Limited |   | United Kingdom |
| ACA Capital (Singapore) Pte. Limited       |   | Singapore      |
| ACA Credit Products 2002-A, L.L.C.         |   | Delaware       |
| ACA Credit Products 2002-B, L.L.C.         |   | Delaware       |
| ACA Credit Products 2003-A, L.L.C.         |   | Delaware       |
| ACA CDS 2002-2, L.L.C.                     |   | Delaware       |
| ACA Credit Products 2003-B, L.L.C.         |   | Delaware       |
| ACA Credit Products 2003-C, L.L.C.         |   | Delaware       |
| ACA Credit Products 2003-D, L.L.C.         |   | Delaware       |
| ACA Credit Products 2003-E, L.L.C.         |   | Delaware       |
| ACA Credit Products 2003-F, L.L.C.         |   | Delaware       |
| ACA ABS 2003-3 Funding, Limited            |   | Cayman Islands |
| ACA Credit Products 2003-G, L.L.C.         |   | Delaware       |
| ACA Credit Products 2003-H, L.L.C.         |   | Delaware       |
| ACA Credit Products 2003-I, L.L.C.         |   | Delaware       |
| ACA Credit Products 2003-J, L.L.C.         |   | Delaware       |
| ACA Credit Products 2003-K, L.L.C.         |   | Delaware       |
| ACA Credit Products 2003-L, L.L.C.         |   | Delaware       |
| ACA Credit Products 2003-M, L.L.C.         |   | Delaware       |
| ACA Credit Products 2003-N, L.L.C.         |   | Delaware       |
| ACA Credit Products 2003-O, L.L.C.         |   | Delaware       |
| ACA Credit Products 2004-A, L.L.C.         |   | Delaware       |
| ACA Credit Products 2004-B, L.L.C.         |   | Delaware       |
| ACA Credit Products 2004-C, L.L.C.         |   | Delaware       |
| ACA Credit Products 2004-D, L.L.C.         |   | Delaware       |
| ACA Credit Products 2004-E, L.L.C.         |   | Delaware       |
| Credit Products 2004-F, L.L.C.             |   | Delaware       |
| ACA Credit Products 2004-G, L.L.C.         |   | Delaware       |
| ACA Credit Products 2004-H, L.L.C.         |   | Delaware       |
| ACA Credit Products CBNA3, L.L.C.          |   | Delaware       |
| ACA Credit Products 2004-J, L.L.C.         |   | Delaware       |
| ACA Credit Products 2004-K, L.L.C.         |   | Delaware       |

 

----

 
| ACA Credit Products - CBNA 1, L.L.C.     |   | Delaware       |
|------------------------------------------|--------|----------------|
| ACA Credit Products - NI, L.L.C.         |   | Delaware       |
| ACA Credit Products 2004 - GCM, L.L.C.   |   | Delaware       |
| ACA Parliament Funding, L.L.C.           |   | Delaware       |
| ACA Credit Products - CCMC, L.L.C.       |   | Delaware       |
| ACA Credit Products - Alpha, L.L.C.      |   | Delaware       |
| ACA Credit Products - CA, L.L.C.         |   | Delaware       |
| ACA Credit Products - Matterhorn, L.L.C. |   | Delaware       |
| ACA Credit Products - JPM, L.L.C.        |   | Delaware       |
| ACA Credit Products - CAN, L.L.C.        |   | Delaware       |
| ACA Credit Products -BC, L.L.C.          |   | Delaware       |
| ACA Credit Products - NB, L.L.C.         |   | Delaware       |
| ACA Credit Products - CBNA 2, L.L.C.     |   | Delaware       |
| ACA Credit Products 2004-Y, L.L.C.       |   | Delaware       |
| ACA ABS 2005-1 Funding, Limited          |   | Cayman Islands |
| ACA Credit Products - Zugspitze, L.L.C.  |   | Delaware       |
| ACA Credit Products - BA, L.L.C.         |   | Delaware       |
| ACA Credit Products - Monch, L.L.C.      |   | Delaware       |
| ACA Credit Products - Eiger, L.L.C.      |   | Delaware       |
| ACA Credit Products MON, L.L.C.          |   | Delaware       |
| ACA Credit Products - ABN AMRO, LLC      |   | Delaware       |
| ACA Credit Products - DK, L.L.C.         |   | Delaware       |
| ACA Credit Products - GSH, L.L.C.        |   | Delaware       |
| ACA Credit Products - ML, L.L.C.         |   | Delaware       |
| ACA LIHTC Management, L.L.C.             |   | Delaware       |
| BR-1998, L.L.C.                          |   | Delaware       |
| ACA Credit Products - Haussmann          |   | Delaware       |
| ACA Credit Products 2005-L               |   | Delaware       |
| ACA Credit Products - Zermat             |   | Delaware       |
| ACA Credit Products - Maple              |   | Delaware       |
| ACA Credit Products - LB                 |   | Delaware       |
| ACA Capital Partners I Master Fund, Ltd. |   | Cayman Islands |
| ACA Credit Products - SINCLAIR           |   | Delaware       |
| ACA Credit Products - INCA               |   | Delaware       |
| ACA Credit Products - IFP                |   | Delaware       |
| ACA Credit Products 2006 - Elbe          |   | Delaware       |
| ACA Credit Products - Osada              |   | Delaware       |
| ACA Credit Products 2006-F               |   | Delaware       |
| ACA Credit Products 2006-G               |   | Delaware       |
| ACA Credit Products 2006-H               |   | Delaware       |
| ACA Credit Products 2006-I               |   | Delaware       |
| ACA Credit Products 2006-J               |   | Delaware       |

 

----