Moody's Investors Service's move to review Puerto Rico's Baa3-rated general obligation bonds for a downgrade is a credit negative for bond insurers Assured Guaranty and MBIA's National Public Finance Guarantee.

Assured has approximately $4.1 billion of total combined net par exposure to the bonds that Moody's has placed on review for downgrade, the rating agency said in a report Monday. National's exposure to the same bonds is approximately $2.7 billion in total gross par.

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