Today, Assured Guaranty Ltd. (together with its subsidiaries, Assured Guaranty), announced that its subsidiaries Assured Guaranty Municipal Corp. (AGM) and Assured Guaranty Corp. (AGC) have achieved an agreement in principle with the Financial Oversight and Management Board for Puerto Rico on a framework to settle their insured exposure to Puerto Rico Highway and Transportation Authority and other Puerto Rico clawback credits (subject to definitive documentation) and that they continue to support the revised Puerto Rico General Obligation (GO) and Public Buildings Authority (PBA) Plan Support Agreement (GO and PBA PSA). Assured Guaranty made the following statement:
“Assured Guaranty has consistently supported a consensually negotiated and comprehensive approach to resolving Puerto Rico’s current financial challenges. It supports the GO and PBA PSA as part of a comprehensive solution that also addresses related Puerto Rico credits, including the Highway and Transportation Authority bonds and Convention Center District Authority bonds, in a manner that respects Assured Guaranty’s legal rights and achieves the ultimate goal of bringing the Title III process to a fair and expeditious conclusion.”
The right of AGM and AGC to withdraw from the GO and PBA PSA has been extended to accommodate the documentation of the agreement in principle announced today.
Assured Guaranty Ltd. is a publicly traded (NYSE: AGO), Bermuda-based holding company. Through its subsidiaries, Assured Guaranty provides credit enhancement products to the U.S. and international public finance, infrastructure and structured finance markets, and also provides asset management services. More information on Assured Guaranty Ltd. and its subsidiaries can be found at AssuredGuaranty.com.
Any forward-looking statements made in this press release reflect Assured Guaranty’s current views with respect to future events and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. These risks and uncertainties include, but are not limited to, those resulting from the failure of the parties to finalize the agreement in principle announced today; the failure of a Title III plan of adjustment based on the terms of the GO and PBA PSA and the agreement in principle announced today to be confirmed under the Puerto Rico Oversight, Management, and Economic Stability Act; future litigation; and other risks and uncertainties that have not been identified at this time, management's response to these factors, and other risk factors identified in Assured Guaranty’s filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which are made as of April 12, 2021. Assured Guaranty undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.