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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 explains the mechanism of public corporations issuing debt supported by specific revenue streams and their vulnerability to clawbacks.",
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      "text": "Although these corporations have their own revenue sources, they could be potentially clawed back to pay the GO obligations.",
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      "text": "Net Debt Service: $3,244",
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      "text": "When Puerto Rico reached a cap on the amount of GO bonds it could issue under its Constitution, it created public corporations that could issue their own debt, supported by specific revenue streams – for example, highway tolls and sales & use taxes.",
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      "text": "All of these bonds are part of the fiscal plan approved by the oversight board. Although these corporations have their own revenue sources, they could be potentially clawed back to pay the GO obligations.",
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      "text": "Source: AGO Q4 2017 financial supplement.",
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      "text": "Other Tax-supported Debt, Net Par ($M), Net Debt Service ($M); Highways and Transportation Authority (PRHTA), 882, 1,537; PRHTA (highway revenues), 495, 795; Sales Tax Financing Corporation (COFINA), 272, 613; Convention Center District Authority (PRCCDA), 152, 264; Infrastructure Financing Authority (PRIFA), 18, 35; Subtotal, $1,819, $3,244",
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