Assured Guaranty Protects Insured Bondholders from Puerto Rico Defaults in Connection with Recent Settlements: No Action Required of Assured Guaranty Bondholders

March 21, 2022

On March 15, Assured Guaranty Municipal Corp. and Assured Guaranty Corp., each a subsidiary of Assured Guaranty Ltd. (together with its subsidiaries, Assured Guaranty), each settled its exposure to the Puerto Rico General Obligation (GO), Public Buildings Authority (PBA), Convention Center District Authority (PRCCDA) and Puerto Rico Infrastructure Financing Authority (PRIFA) bonds that it insured. As part of the settlements under the Commonwealth Plan of Adjustment (the Commonwealth Plan) and other agreements that were confirmed in January 2022 by the United States District Court of the District of Puerto Rico acting under the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), Assured Guaranty paid claims, net of reinsurance, of approximately $1.3 billion and is entitled to receive, net of reinsurance, approximately $577 million of cash, $605 million of new GO bonds, as well as new contingent value instruments (CVIs), in accordance with the terms of the settlement agreement applicable to each bond issue. 

As always, investors owning other Puerto Rico-related bonds insured by Assured Guaranty continue to receive uninterrupted full and timely payment of scheduled principal and interest in accordance with the terms of Assured Guaranty’s insurance policies.

No action is required on the part of investors in bonds insured by Assured Guaranty to receive amounts owed to them under the settlements.

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

Any forward-looking statements made in this statement 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 a Title III plan of adjustment to be confirmed under the Puerto Rico Oversight, Management, and Economic Stability Act on substantially the terms contemplated by the remaining plan support agreement to which Assured Guaranty is a party and covering other non-paying Puerto Rico exposures; the failure to reach a resolution of remaining non-paying Puerto Rico exposures not covered by an effective plan support agreement on terms substantially consistent with the terms anticipated by Assured Guaranty; 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 March 21, 2022. 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.

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