Puerto Rico’s fiscal team meeting with ratings agencies
High-ranking local government officials are in New York this week to meet with credit agencies. (Credit: Wikipedia)
A contingent of the government’s fiscal team is in New York today for two days of meetings with credit ratings agencies Standard & Poors, Fitch and Moody’s, which are all keeping close tabs on Puerto Rico’s financial problems and the steps being taken to address the crunch.
In Manhattan are Chief of Staff Ingrid Vila-Biaggi, Treasury Secretary Melba Acosta-Febo, Government Development Bank Chair David H. Chafey, Interim GDB President José V. Pagán- Beauchamp, Office of Management and Budget Executive Director Carlos Rivas-Quiñones, and Puerto Rico Industrial Development Company Executive Director Antonio Medina-Comas, among other officials, the Treasury Department said in a brief statement issued Sunday.
Puerto Rico’s fiscal woes have been under close watch for the better part of the last two years by the trio of agencies that have already downgraded the island’s credit ratings to near-junk status. Both Moody’s and S&P have said that while the government has made certain improvements in its finances — such as the pension reforms and projected changes to the sales and use tax system — chances are still high for a credit cut to junk.
“The goal of these meetings, which were requested by the Puerto Rico group, will be to share an update our progress on the fiscal and economic fronts,” Treasury said in the brief statement.
Just to be perfectly clear: if credit agencies downgrade the
island because of judges playing stupid games, the onus is
entirely on them if the ratings go to “junk status.” They’ll be
solely responsible for not only interferring with pension reform
but also for having sat idly by, over all these years, doing
nothing, except “shoot the breeze.” The names of such judges
need to be written up so that when interest rates do go up,
folks will know EXACTLY who to thank for it.