Almost exactly a year to the day when Moody’s Investors Service cut Puerto Rico’s credit to Baa3, the New York-based agency placed the island’s general obligation rating on review for downgrade.
Fitch Ratings placed the 'BBB-' ratings of the Commonwealth of Puerto Rico’s general obligation (GO) bonds, the Puerto Rico Building Authority government facilities revenue bonds guaranteed by the commonwealth, the Puerto Rico Aqueduct and Sewer Authority’s commonwealth guaranty revenue bonds, and the Employees Retirement System’s pension funding bonds on negative watch Thursday.
Ratings on short- and medium-term notes issued by Puerto Rico municipal bond funds remain stable despite severe price volatility in the island's municipal market, Fitch Ratings service said Thursday.
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