S&P pulls P.R. Aqueduct and Sewer Authority’s bond ratings

S&P Global Ratings is withdrawing its ‘CC’ long-term and underlying ratings, and negative outlook, on Puerto Rico Aqueduct and Sewer Authority’s series 2008A, 2008B, 2012A and 2012B revenue bonds due to a lack of sufficient information.

“Independently audited financial disclosures have been and, in our view, are likely to remain delayed and intermittent,” S&P stated. “We believe the reliability and sufficiency of the information relating to PRASA’s debt continues to deteriorate despite management’s stated intent to continue making revenue bond debt service payments and the recent release of an updated amended fiscal plan —which noted that “the current debt structure is not sustainable.”

Furthermore, S&P stated the delayed financial information and confidential nature of some related matters contribute to its view that it cannot assess the outcome or timing of the ongoing creditor negotiations.

“Also complicating the negotiations are the uncertainty as to what, if any, role intergovernmental disaster aid could play and what, if any, implications any aid could have for PRASA’s credit fundamentals,” the ratings agency said.

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