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Assured Argues That Stockton's Plan is Unfair

Stockton, Calif., is proposing to temporarily cut personnel costs by 6.6% while permanently cutting payments on the Assured-insured pension obligation bonds by 83%, the company said.

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Comments (1)
If Assured and other bond holders take a significant hit on Stockton's obligations to them, the cost will not just be higher bonding costs for Stockton for the foreseeable future, but will also change the underlying perceived risk profile of all municipal obligations raising the borrowing costs for all of them at a time when many are under fiscal distress.
Posted by mdwjr | Friday, August 03 2012 at 11:04AM ET
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