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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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      "text": "Incremental losses could pressure the buyback, and losses along the lines of our calculations would force a choice between a capital raise and surrendering the AA rating the company needs to write new business.",
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      "text": "Total additional Loss Capacity on Puerto Rico: $667",
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      "text": "If AGO recognized a much bigger loss, its S&P rating would be at risk. Last year, S&P said AGO could withstand $2.3 billion of losses. Since then, capital distributions have depleted that to about $1.8 billion. Incremental losses could pressure the buyback, and losses along the lines of our calculations would force a choice between a capital raise and surrendering the AA rating the company needs to write new business.",
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      "text": "Source: AGO 2017 annual report, AGO 2017 financial supplement, AGO 2017 Q4 earnings call each available at http://assuredguaranty.com/investor-information/by-company/assured-guaranty-ltd; and Greenlight calculations. S&P loss absorption capacity is from rating analysis dated July 24, 2017.",
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      "text": "S&P - Puerto Rico Loss Absorption Capacity $2,300; Additional earnings for 2017 230; 2017 capital return (563); Special dividend January 18 (200); Puerto Rico loss reserve estimate (1,100); Total additional Loss Capacity on Puerto Rico $667",
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