Puerto Rico; Appropriations; General Obligation; General Obligation Equivalent Security; Moral Obligation; Water/Sewer Mar 12
Standard & Poors, March 2012
Abstract
Standard & Poor's Ratings Services assigned its 'BBB' rating to the Commonwealth of Puerto Rico Public Improvement Refunding Bonds Series 2012A and Series 2012B. In addition, Standard & Poor's affirmed its 'BBB' rating on the commonwealth's outstanding GO bonds and its 'BBB-' rating and stable outlook on the commonwealth's appropriation debt. The commonwealth's full faith and credit pledge, including a constitutional requirement that provides a first claim on available commonwealth resources, secures the bonds. Commonwealth officials will use the proceeds from the sale of the bonds to refund several lines of credit provided by the Government Development Bank, and to refund other outstanding GO bonds and any potential termination payments associated with investment and interest rate agreements. While several economic...
Companies mentioned in this report are: Puerto Rico
Action: New Rating
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Research Type: Full Analysis
Puerto Rico
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