Puerto Rico’s co-ops is ready to weather the storm expected from the decision by Standard and Poor’s to downgrade the island’s credit rating to junk, contrary to other economic sectors, which may be adversely affected, industry representatives said Wednesday.
The Corporation for the Supervision and Insurance of Puerto Rico Cooperatives, known as COSSEC in Spanish, wrapped up Fiscal 2013 with $229.2 million in assets, a 5.86 percent year-over-year increase, President Daniel Rodríguez-Collazo said during the entity’s annual convention this weekend.
The Church of God Mission Board, the first credit union to establish itself in Puerto Rico in more than a decade, opened recently in the northern town of Dorado, joining the prosperous cooperative movement.
A Dow Jones/Factiva content provider since 2014
Subscribe to our Dollars & Sense podcast!
