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  "documentTitle": "Assured Guaranty (AGO)",
  "authorId": "04_Greenlight_Capital",
  "authorName": "David Einhorn",
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  "presentationDate": "2018-04-23 00:00:00",
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  "notes": "The slide uses a 'No room for losses' headline to frame the high leverage ratios as a critical risk factor.",
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      "text": "Depending on how you look at it, AGO is 32-54 times levered.",
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      "text": "Capital ratio: 53.6x",
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      "text": "This causes a lot of leverage no matter how you look at it. AGO has $7 billion of statutory capital and almost $12 billion of what it calls “claims paying resources” – or money that can be used to pay claims as needed. Against this, AGO has guaranteed $239 billion of undefeased bonds, which balloons to $373 billion when you count guaranteed interest payments. Depending on how you look at it, AGO is 32-54 times levered.",
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      "text": "Source: AGO 2017 financial supplement available at http://assuredguaranty.com/investor-information/by-company/assured-guaranty-ltd.",
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      "text": "Qualified statutory capital $6,961; Total claim paying resources $11,752; Net par outstanding $239,003; Net debt service outstanding $373,340; Net par / Statutory capital 34.3x; Capital ratio 53.6x; Financial resources ratio 31.8x",
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