Puerto Rico may have reached the limits of sustainable growth within its current institutional framework and its leaders must find the political will to make profound changes to the socio-economic structure to pull out of the seemingly unstoppable downward spiral the island is on and insert it squarely into the new globalized economy.
In what constitutes yet another, but expected, blow to Puerto Rico’s fragile credit condition, Fitch Ratings announced Thursday it has placed the island’s general debt, as well as that of several government agencies, on negative watch.
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.
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