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Stock impact report

Companies beef up contingency plans ahead of US debt-ceiling deadline [Reuters]

Avangrid, Inc. (AGR) 
Last avangrid, inc. earnings: 4/28 04:15 pm Check Earnings Report
Company Research Source: Reuters
With the U.S. Treasury Department warning that the federal government could run out of money to pay all its bills as soon as June 1, some companies are now timing their bond issuance and are moving to secure enough liquidity in advance in the event a default occurs and seizes up the market. "It's better to avoid hitting the debt capital markets around the debt ceiling, given the uncertainty" said Alvaro Ortega, vice president of finance at Avangrid, a sustainable energy company based in Orange, Connecticut. Ortega said Avangrid has about 13-months of liquidity at hand to conduct its business, and that communication with the company's banks is ongoing. Ortega did not name the banks his company deals with. Avangrid has a committed revolving credit facility, which allows committed access to liquidity at any moment. It uses this type of credit to support its commercial paper, an unsecured promissory note that pays a fixed interest rate, that can be used to finance short-term liabil Show less Read more
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