Fitch Credit Rating, the only agency that has not downgraded Puerto Rico's debt in the past week, said Tuesday the current 'BBB+' rating on the Commonwealth's general obligation bonds reflects the significant progress made by the outgoing administration in implementing widespread reforms despite economic underperformance.
Citing Doral Financial Corp.’s “weakened capital position and very high nonperforming assets,” Standard & Poor's Ratings Services lowered its issuer credit rating to 'CCC-' from 'CCC+,' with a negative outlook.
Moody's Investors Service downgraded Puerto Rico’s general obligation rating Thursday to Baa3 from Baa1, affecting about $38 billion of the island’s debt held by more than a handful of agencies.
Economic uncertainty has led many companies to face delicate financial situations, often leading to defaulting on their credit. But because good credit management is key to protecting against default, the Puerto Rico Rico Products Association will sponsor a seminar Nov. 14 to provide strategies to avoid pitfalls.
The Government Development Bank for Puerto Rico is proud of its long tradition of professional management, transparent corporate governance and utmost respect toward the investor community and the people at large.
If you’ve gone to a fast-food restaurant lately and noticed a sign announcing a minimum purchase of $10 if paying with a credit card, you should know the policy responds to a federal law passed late last year regulating so-called “swipe fees,” or what merchants must pay debit card companies to process transactions.
The Gov. Luis Fortuño administration sent a scathing letter to Moody’s Investor Services late Thursday, expressing its “utter disappointment” with the agency’s decision to downgrade the Puerto Rico Sales and Use Tax Financing Corporation’s bond rating.
Standard & Poor's Ratings Services has revised its outlook for the Puerto Rico government’s general obligation (GO) and appropriation debt ratings to negative from stable.
Guaynabo-based Trans-Oceanic Life Insurance Company this month received a strong review from credit ratings agency A.M. Best Co., which revised the outlook for the issuer credit rating to positive from stable, to “bbb,” and affirmed the financial strength rating (Fof B++ (Good), while giving it a stable outlook.
Moody’s Investors Service has placed the ratings of $6.8 billion outstanding Puerto Rico Sales Tax Financing Corporation's senior sales tax revenue bonds' Aa2 rating and $9.2 billion in subordinate sales tax revenue bonds' A1 rating on review for possible downgrade, the agency announced Tuesday.
BBVA recently participated in the structuring and approval of a $250 million revolving credit facility for the Puerto Rico Health Services Administration, which runs the government’s “Mi Salud” health plan covering more than 1.5 million beneficiaries.
Contrasting Puerto Rico’s current economic conditions with those of the U.S. mainland’s, Gov. Luis Fortuño said the “U.S. is starting to suffer the consequences of not acting immediately” to its escalating fiscal troubles.
In less than two months, Gov. Luis Fortuño's administration has received positive news from three stateside credit agencies monitoring the island’s fiscal and economic health.
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