High-ranking Gov. García-Padilla administration officials came out once again in defense of recent decisions aiming to boost Puerto Rico’s credit and ensure long-term fiscal and economic sustainability — most of which have generated strong backlash from stateside ratings agencies.
The Government Development Bank released late Friday the Economic Activity Index for the month of May, which reflected a 1.1 percent year-over-year reduction, slightly lower than the 1.3 percent on record for April.
The U.S. mainland’s three credit ratings agencies showered Puerto Rico with downgrades and warnings of further revisions Friday, upholding a trend that began a day earlier in response to the filing of a bill paving the way for the restructuring of fiscally troubled public agencies.
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