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Puerto Rico; Appropriations; General Obligation; General Obligation Equivalent Security; Moral Obligation; Water/Sewer Mar 12
Standard & Poors, March 2012
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
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