Kroll Confident in Muni-Bond Insurers.Puerto Rico, in the oven
1:50 pm ET July 6, 2015 (Dow Jones) Print
13:50 EDT - As Puerto Rico edges closer to a possible default, rating agency Kroll is giving bond insurers which back billions of dollars of Puerto Rico debt a vote of confidence. The agency gives AA+ ratings to Assured Guaranty Municipal and National Public Finance Guarantee, saying recent events have "not progressed to a point that exceeds the level of stress we have previously incorporated in the rating analysis." Incorporated is an assumption that Puerto Rico losses of around 40% are seen by each insurer, but Knoll says their claims-paying resources are "sufficient to meet all requirements by a comfortable margin." (mike.cherney@wsj.com; @Mike_Cherney)
(END) Dow Jones Newswires
July 06, 2015 13:50 ET (17:50 GMT)
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