The downward spiral that Puerto Rico’s bankruptcy filings had been on in recent months came to an end in January, when total cases submitted at the U.S. Bankruptcy Court, 706, were down 4 percent, according to statistics released Friday by analyst firm Boletín de Puerto Rico.
More than a year after warning about the possibility, Standard & Poor's Ratings Services on Tuesday made good on its word and cut its rating of Puerto Rico’s general obligation debt to 'BB+' from 'BBB-,' pushing it to the highest junk level status.
The Puerto Rico Public Buildings Authority’s high level of indebtedness — estimated at $4.2 billion — and whether it has repayment capacity, could make it an “easy target” for credit ratings agencies, local analyst firm REOF Capital concluded in a recently released report.
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