Puerto Rico; General Obligation; Joint Criteria Sep 09
- ID: 2031023
- September 2009
- Region: Puerto Rico
- Standard & Poors
Standard & Poor's Ratings Services has assigned its 'BBB-' rating to the Commonwealth of Puerto Rico's series 2009A public improvement refunding bonds. In addition, Standard & Poor's affirmed its 'BBB-' rating on the commonwealth's series 2007 A-4 public improvement refunding bonds, which are being remarketed and converted to fixed rate mode. The outlook on all ratings is stable. The 'BBB-' ratings are based on Puerto Rico's full faith and credit pledge and reflect our opinion of the commonwealth's: Chronic budget deficits: In the past 10 years, the commonwealth's structural budget deficit ballooned to an estimated $3.2 billion in fiscal 2009 (42% of general fund revenues). While Governor Luis Fortuño's fiscal stabilization plan has received broad support from the legislature, structurally...
Companies mentioned in this report are:
- Puerto Rico
Action: New Rating
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Research Type: Full Analysis