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Bond insurers withdraw complaint against PREPA

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Essential Energy Insights - September 17, 2020

Essential Energy Insights September 2020

Bond insurers withdraw complaint against PREPA

Puerto Rico bond insurers have voluntarily dismissed a complaint that sought to force the Puerto Rico Electric Power Authority to remit pledged revenues to the bond trustee.

The plaintiffs in the case include MBIA Inc. unit National Public Finance Guarantee Corp., as well as Assured Guaranty Ltd. units Assured Guaranty Municipal Corp. and Assured Guaranty Corp.

Assured Guaranty said the Puerto Rican utility authority should be focused on the restoration of the power grid damaged by Hurricane Maria. The insurer warned, however, that it will consider refiling should PREPA fail to resume timely repayment of its bonds after the power grid is restored.

This voluntary dismissal follows the bond insurers' Oct. 6 dismissal of a separate action that challenged Puerto Rico's fiscal plan.