Puerto Rico issuers suffer more credit downgrades
SAN JUAN – Moody’s Investors Service has lowered the ratings on debt of the Government Development Bank and five other Puerto Rico issuers with a total of approximately $13 billion outstanding.
The commonwealth’s outlook, and the outlooks for seven affiliated obligors linked to the central government, have been revised to negative from developing.
The announcement was made in a credit opinion dated April 5.
Moody’s downgraded $156 million from the Puerto Rico Industrial Development Co. (Pridco) from Caa3 to Ca; about $4.1 billion from the GDB from Ca to C; and about $3.15 billion from the Employees Retirement System from Ca to C.
The entity also downgraded $1.7 billion from the Puerto Rico Infrastructure Financing Authority (Prifa) from Ca to C; about $3.4 billion from the Highways and Transportation Authority (excluding 1968 Resolution) from Ca to C; and about $386 million from the Puerto Rico Convention Center District Authority from Ca to C.
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