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  "docSlug": "6d553bb1191d",
  "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 highlights that total exposure exceeds the company's entire capital base.",
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      "text": "Altogether, AGO’s exposure to Puerto Rico bonds is $5 billion, and including insured interest payments over $8 billion, which is more than AGO’s entire capital base.",
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      "text": "Total Exposure: $8,195",
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      "text": "The final third of Puerto Rico bonds have also been issued by public corporations and have their own exclusive sources of revenue that Puerto Rico cannot claw back for other purposes. The PREPA exposure is particularly vulnerable given Maria wiped out the island's electric generation capability. Altogether, AGO's exposure to Puerto Rico bonds is $5 billion, and including insured interest payments over $8 billion, which is more than AGO's entire capital base.",
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      "text": "Source: AGO Q4 2017 financial supplement.",
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      "text": "Electric Power Authority (PREPA) 853 1,199; Aqueduct and Sewer Authority (PRASA) 373 818; Municipal Finance Agency (MFA) 360 447; University of Puerto Rico 1 1; Subtotal 1,587 2,465; Total Exposure 4,966 8,195",
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      "text": "Utilities and towns",
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