Texas Drought Forces Small Town to Default on Water System Debt [BNN Bloomberg (Canada)]
Assured Guaranty Ltd. (AGO)
US:NYSE Investor Relations:
assuredguaranty.com/investor-information
Company Research
Source: BNN Bloomberg
The city of Clyde, located roughly halfway between Dallas and Midland, informed investors it couldn't make a debt payment due in August, according to a securities filing. Instead, its bond insurers — Assured Guaranty and Build America Mutual — were asked to cover the payment, illustrating the financial strain facing the city. “Such draw is unscheduled and reflects financial difficulties of the issuer, including without limitation financial difficulties resulting from increased costs related to operations and maintenance of the issuer's waterworks and sewer system,” the filing dated Aug. 15 read. The bonds were sold to support the city's water and wastewater system. That caused S&P Global Ratings to drop the grade on the bonds to D from A-, a whopping 15-notch downgrade, according to a report from the company late Friday. It also cost the city its A- credit rating, as S&P downgraded Clyde's general-obligation debt to B, which is below investment-grade. Analysts led by Misty Newl
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AGO
News
- Assured Guaranty Ltd. (NYSE: AGO) was upgraded by analysts at StockNews.com from a "sell" rating to a "hold" rating.MarketBeat
- Assured Guaranty Ltd. (NYSE: AGO) was downgraded by analysts at StockNews.com from a "hold" rating to a "sell" rating.MarketBeat
- Assured Guaranty Ltd. (NYSE: AGO) was upgraded by analysts at StockNews.com from a "sell" rating to a "hold" rating.MarketBeat
- Texas Drought Forces Small Town to Default on Water System Debt [Yahoo! Finance]Yahoo! Finance
- Assured Guaranty Ltd. (NYSE: AGO) was downgraded by analysts at StockNews.com from a "hold" rating to a "sell" rating.MarketBeat
AGO
Earnings
- 8/7/24 - Miss
AGO
Sec Filings
- 9/10/24 - Form 8-K
- 9/6/24 - Form 4
- 9/4/24 - Form 144
- AGO's page on the SEC website