SOURCE: Butler Snow

Butler Snow

March 28, 2017 20:05 ET

Butler Snow Media Advisory: Financial Guaranty Insurance Company (FGIC) Issues Letter to Puerto Rico Oversight Board

NEW YORK, NY--(Marketwired - March 28, 2017) - Today Financial Guaranty Insurance Company (FGIC) issued the following letter to the members of the Puerto Rico Oversight Board created by PROMESA. FGIC, in agreement with other creditors who issued a letter on March 27, believes that Puerto Rico's Fiscal Plan, as certified by the Oversight Board on March 13, 2017, is deficient in many respects. FGIC also outlines its positions in certain pending legal disputes, including proper application of the "claw back," the payment of GO Bonds and the validity of the COFINA structure. FGIC provides financial guaranty insurance covering the debt service on over $1.14 billion of bonds issued by Puerto Rico. FGIC has asked for the opportunity to immediately discuss its concerns with the Oversight Board and the Commonwealth, with an expressed commitment to thoughtful consideration of all points of view, good faith negotiations, and a resolution that is fair for all parties.

The letter can be found here.

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