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On June 29, 2015, Standard & Poor’s Ratings Services lowered its rating on the Commonwealth of Puerto Rico to ‘CCC-.’ The outlook is negative on likelihood of default or distressed exchange.
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Standard & Poor's Ratings Services has lowered its 'CCC-' rating on Puerto Rico Public Finance Corp. (PFC) series 2011A and B and series 2012 A bonds to 'CC' following non-appropriation of debt service by the legislature in the fiscal 2016 budget. We see default for this debt on its next debt service date, Aug. 1, 2015, as a virtual certainty. More
The recently updated disclosure statement confirms the precarious nature of Puerto Rico's liquidity, as well as the worsening credit fundamentals that have led the governor to ask for voluntary restructuring negotiations with all debt holders. More
For the 10th quarter in a row, U.S. public finance (USPF) ratings achieved more upgrades than downgrades in the first quarter of 2015. More
NEW YORK (Standard & Poor's) Jan. 22, 2015--Standard & Poor's Ratings Services today said that although it believes Puerto Rico Governor Alejandro Garcia Padilla's recent signing of a bill to increase the Commonwealth of Puerto Rico' s petroleum tax to $15.50 from $9.25 per barrel will have no immediate effect on rated bond credit quality, there could still be a muted effect on the island economy. More
The credit deterioration of Puerto Rico's public corporations and recent legislative changes have raised investor concerns relating to the bond insurers. Director David Veno discusses the exposure different bond insurers have to Puerto Rican issuers. Watch
This downgrade reflects our view that a default by Government Development Bank for Puerto Rico in the near term is a virtual certainty. More
Standard & Poor's Ratings Services has lowered its general obligation (GO) rating on the Commonwealth of Puerto Rico to 'CCC-' from 'CCC+'. At the same time, Standard & Poor's has removed the GO rating from CreditWatch, where it was placed with negative implications on April 24, 2015, and assigned a negative outlook. More
NEW YORK (Standard & Poor's) April 24, 2015--Standard & Poor's Ratings Services has lowered its rating on Puerto Rico Electric Power Authority's (PREPA) power revenue bonds to 'CCC-' from 'CCC'. The rating remains on CreditWatch with negative implications. The downgrade reflects our view of the following: Repeated draws on the debt service reserve fund and uncertainty regarding any future draws… More
Although liquidity and fiscal concerns are weighing on the credit quality of the Commonwealth of Puerto Rico (BB/Negative), Standard & Poor's Ratings Services believes underlying economic trends are the root cause of the island's credit problems. In fact, it's Puerto Rico's poor economic growth prospects that remain a key factor in Standard & Poor's speculative-grade general obligation (GO)… More
The recent credit deterioration of Puerto Rico's public corporations and enactment of legislation that would enable some of the entities to restructure their debt have prompted investor questions on the potential impact on bond insurer ratings. In this article, we provide answers to the most frequently asked questions. More
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