|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||37.86 - 38.15|
|52 Week Range||29.37 - 45.73|
|PE Ratio (TTM)||4.26|
|Forward Dividend & Yield||0.57 (1.51%)|
|1y Target Est||N/A|
Bond insurer Assured Guaranty Ltd said on Friday it voluntarily withdrew its lawsuit against Puerto Rico Electric Power Authority (PREPA) over the failure to apply pledged revenue to the payment of bonds because of the utility's need to focus on restoring the power grid damaged by Hurricane Maria. The bond insurer said it is not appropriate to be litigating these issues while continued emergency efforts are needed to restore electricity on the U.S. territory. The lawsuit, filed on Aug. 7, claimed that PREPA's failure to apply the revenues to the payment of the revenue bonds was "inconsistent" with the Special Revenues Provisions of the bankruptcy code and a violation of the U.S. Constitution.
President Donald Trump's apparent unwillingness to back rebuilding of hurricane-ravaged and already bankrupt Puerto Rico sparked yet another selloff in the bonds Thursday. Trump tweeted that Puerto Rico's financial crisis was "largely of their own making," and added, "We cannot keep FEMA, the Military & the First Responders, who have been amazing (under the most difficult circumstances) in P.R. forever!" The closely watched 8% coupon general obligation bonds maturing in 2035 fell to 35 cents on the dollar, a new low. The New York Times notes in its story: The threat may mean less than it appears — federal government officials quickly said that they were not pulling out of Puerto Rico anytime soon.
Puerto Rico bond insurer Assured Guaranty Ltd said late on Friday it voluntarily withdrew a complaint that challenged the legality of the island's fiscal turnaround plan, citing the devastating impact of Hurricane Maria. The move may temporarily ease Puerto Rico's financial problems as it struggles to get back on its feet after Maria hit last month, destroying the electrical grid and leaving most of the island's 3.4 million inhabitants without power. Assured Guaranty, along with a second insurer MBIA Inc , filed their lawsuit against the island's government and a federally appointed financial oversight board on May 3, a day after Puerto Rico announced a historic restructuring of its public debt.
Puerto Rico's benchmark general obligation bonds fell on Wednesday, hitting a record low, after U.S. President Donald Trump suggested late on Tuesday that the island's massive debt load will have to be wiped out because of devastation caused by Hurricane Maria. Early on Wednesday, White House Budget Director Mick Mulvaney backed away from Trump's comments. The president was referring to Puerto Rico's need to fix its own debt issues through its oversight board, Mulvaney said in an interview on CNN.
A benchmark Puerto Rico bond fell to record lows Wednesday after President Donald Trump said the...
Shares in the insurers of Puerto Rico's bonds fell sharply Wednesday morning after President Donald Trump suggested the struggling commonwealth's bondholders would have to be wiped out.
Puerto Rico's bonds have been falling fast ever since the scope of damage to the island following Hurricane Maria became clear. Specifically, Trump told Fox News' Geraldo Rivera Tuesday, "They owe a lot of money to your friends on Wall Street. Puerto Rico Electric Power Authority (PREPA) bonds were also at an all-time low.
To the fullest extent permitted by law, IHS Markit disclaims any responsibility or liability, whether in contract, tort (including, without limitation, negligence), equity or otherwise, for any loss or damage arising from any reliance on or the use of this material in any way.
Bond insurers for the city of Hartford, Connecticut's cash-strapped capital city, have hired a financial advisor with decades of experience working with the state's most distressed municipalities. Assured Guaranty Ltd and Build America Mutual Assurance Company (BAM), which together insure at least $414 million of the city's roughly $530 million of debt, hired Robert Lamb, who founded Lamont Financial Services Corp in 1987, Lamb confirmed to Reuters on Thursday. Governor Dannel Malloy has proposed a fiscal oversight board for Hartford, where city officials have said they will seek approval for a bankruptcy filing if they do not get enough state aid.
Two credit-ratings firms Tuesday downgraded the city of Hartford, Conn. further into junk status, citing an increased likelihood of default as early as November.
Hartford’s biggest bond insurer said it had offered to help the city postpone payments on as much as $300 million in outstanding debt, in a move designed to help prevent a bankruptcy filing for Connecticut’s ...
The mayor of Hartford on Monday told bond investors that Connecticut's cash-strapped capital city has no room left to tax or cut its way out of its fiscal crisis, a bond holder said. Mayor Luke Bronin reiterated that Hartford needs a substantial amount of state funding to avoid a Chapter 9 bankruptcy filing, according to bondholder Belle Haven Investments. Bronin laid out the city's dire circumstances and its potential case for insolvency in a call with investors, said Matthew Dalton, CEO of Belle Haven, which holds $30 million of insured Hartford general obligation debt.
Securities insurer Assured Guaranty Ltd said on Monday it is willing to issue Hartford, the capital of Connecticut, a general obligation bond that could help the city avoid filing for bankruptcy. Hartford would likely seek to file for bankruptcy if the state does not have a budget in place in 60 days, Mayor Luke Bronin had warned earlier this month. Assured Guaranty said it had it had met with the leadership of Hartford, members of the governor's staff, and other state and local representatives about the city's fiscal challenges.
A Relative Strength Rating upgrade for Assured Guaranty shows improving technical performance. Will it continue?