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We reinsure a number of different sectors of public finance obligations, which include:
- General Obligations: Transactions in this sector are primarily backed by the full faith and credit of state and local governments. Also included in this sector are lease obligations of state and local governments.
- Utilities: Transactions in this sector are typically secured by a pledge of revenues from the operations of municipal-owned water, sewer or electric utilities.
- Tax-backed Obligations: Transactions in this sector are primarily secured by sales, gas, motor vehicle registration and other miscellaneous excise taxes.
- Hospitals: Transactions in this sector are backed by the revenues of either stand-alone hospitals or healthcare systems and are also frequently secured by mortgages on the assets of such entities.
- Transportation: Transactions in this sector are secured by airport revenues, parking fees, highway tolls and port charges.
- Colleges and Universities: Transactions in this sector are secured by the general obligation pledge of a college or university, by student fees or by the revenues of a particular segment of an educational institution's operations.
- Investor-Owned Utilities: Transactions in this sector comprise the debt obligations of IOUs in the United States with the majority comprised of electric utilities. The majority of our exposure in this sector is either to secured debt or debt subject to negative pledge covenants.
- Other: This category represents transactions secured by miscellaneous state or local government revenues.
- International: Our international public finance sector includes obligations of sovereigns and sub-sovereigns (such as Canadian provinces) as well as project finance transactions financed via public/private partnerships, typically patterned after the U.K. Private Finance Initiative. This sector also includes non-U.S. IOUs.
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