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Mass. Turnpike insurer bond rating downgraded

 

Friday, Jun 26,2009, 11:18:10 AM   Click:

BOSTON_The cash-strapped Massachusetts Turnpike Authority could be forced to pay out $268 million after its insurer's bond rating was downgraded.

Standard & Poor's on Wednesday downgraded the credit rating of the insurer, Ambac Financial Group.

Under a complex deal with UBS Securities, that could trigger an immediate payment from the Turnpike as it tries to avoid planned toll hikes.

State officials hope to avert the payment by putting the "full faith and credit" of the state behind the payments the Turnpike is making.

The original agreement gave the state $29.1 million over eight years in exchange for access to reduced interest rates. UBS had the option to terminate the agreement if the bond rating for Ambac fell below certain targets.

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