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Puerto Rico; General Obligation; Joint Criteria Sep 09

  • ID: 2031023
  • September 2009
  • Region: Puerto Rico
  • Standard & Poors
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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

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

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- Puerto Rico

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