September 25, 2017 / 12:41 PM / 2 years ago

Assured Guaranty says ready to help Hartford city avoid bankruptcy

Sept 25 (Reuters) - Securities insurer Assured Guaranty Ltd said on Monday it is willing to issue Hartford, the capital of Connecticut, a general obligation bond that could help the city avoid filing for bankruptcy.

Hartford would likely seek to file for bankruptcy if the state does not have a budget in place in 60 days, Mayor Luke Bronin had warned earlier this month.

Assured Guaranty said it had it had met with the leadership of Hartford, members of the governor’s staff, and other state and local representatives about the city’s fiscal challenges.

The Bermuda-based company said the general obligation (GO) bond refinancing “takes advantage of new state legislation and reduces and levels the city’s annual GO bond debt service over the next 15 years.”

Reporting by Bhanu Pratap in Bengaluru; Editing by Savio D'Souza

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