"We currently have just under $4 billion in gross par exposure spread across eight different credit profiles," the company said in its annual letter to "owners," adding that, for one, "the first payments are not coming due until 2040."
So far, the type of debt Puerto Rico has defaulted on doesn't yet represent potential contagion to MBIA. There is a big difference between the debt that MBIA insured in Puerto Rico, and the paper that the island defaulted on earlier this week.
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"That was not debt guaranteed under Puerto Rico's constitution," pointed out Mark Palmer, managing director and financials analyst at BTIG. "Puerto Rico has been very careful to not default on guaranteed debt."
It's good news for MBIA, just so long as the defaults don't spread to debt that is supported by its constitution. But MBIA is in with Puerto Rico debt investors for the long haul, the insurer admitted in its annual shareholder letter. Some of the debt it has insured is "not coming due until 2040," according to its shareholder letter.