Summary: Puerto Rico; General Obligation Feb 11

Standard & Poors, February 2011

Abstract
Standard & Poor's Ratings Services assigned its 'BBB-' rating with a positive outlook to the Commonwealth of Puerto Rico's series 2011 general obligation (GO) public improvement refunding bonds. In addition, Standard & Poor's affirmed its 'BBB-' rating and positive outlook on the commonwealth's GO debt outstanding. The 'BBB-' ratings continue to reflect our opinion of the commonwealth's: History of chronic budget deficits. Governor Luis Fortu-o's fiscal stabilization plan, which included an unprecedented 17% reduction in payroll expenditures, along with the recently approved tax measures is aimed at eliminating a decade-long trend of budget imbalances. The implementation of these measures has received broad legislative support. While we view the current administration's measures as an important step toward budget stability, we do...

Companies mentioned in this report are: Puerto Rico
Action: Affirmed
Action: New Rating

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Puerto Rico

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