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Puerto Rico; General Obligation; Joint Criteria Sep 09 Product Image

Puerto Rico; General Obligation; Joint Criteria Sep 09

  • Published: September 2009
  • Region: Puerto Rico
  • Standard & Poors

Abstract
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 READ MORE >

- Puerto Rico

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