For the second time in less than a week, Puerto Rico’s credit rating has gotten slashed, this time by Moody's Investors Service, which downgraded the Commonwealth’s general obligation bonds and guaranteed debt to Caa1 from B2, its Sales Tax Financing Corporation (COFINA) senior and subordinate bonds, respectively, to B3 and Caa1 from Ba3 and B1, and the notes of the Government Development Bank, to Caa1 from B3.
Standard & Poor's Ratings Services pushed Puerto Rico’s general obligation rating further into junk Thursday when it lowered it 'B' from 'BB,’ with a negative outlook.
Credit ratings agency Fitch Ratings said Wednesday it believes that there are significant challenges ahead for Puerto Rico as it pursues initiatives necessary to maintain a credit profile commensurate with its 'BB-' general obligation junk rating.
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