Assured Guaranty Drops Most in 22 Months on Puerto Rico Tax Fail
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Assured Guaranty Ltd. fell the most since June 2013 after the Puerto Rico House of Representatives rejected a tax-overhaul bill that would have paved the way for a $2.9 billion debt sale needed to avert a cash crunch.
Assured Guaranty shares plunged 4.3 percent to close at $25.99 at 4 p.m. in New York, the lowest price since March 27. The Bermuda-based bond insurer’s subsidiaries Assured Guaranty Municipal Corp. and Assured Guaranty Corp. backed a combined $3.6 billion of Puerto Rico obligations as of Dec. 31, company filings show.