High-ranking Puerto Rico government officials unveiled Wednesday a package of measures aimed at resolving the Commonwealth Retirement System’s critical fiscal situation, including raising the retirement age and increasing employee contributions.
Moody's Investors Service downgraded the rating of more than $1 billion of the Puerto Rico Public Building Authority’s general obligation bonds to Baa1 from A3, providing a negative outlook for Series R and Series S. The bonds are expected to go to market Tuesday.
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QUOTE OF THE WEEK:
“In an economic context where Puerto Rico is experiencing a clear slowdown and where key sectors like construction are struggling to find workers, cutting the [Earned Income Tax Credit (EITC)] will discourage participation in the formal economy and hinder our economic growth.
In an environment where federal funds are decreasing, adding local austerity through EITC cuts could not only cause our labor force participation rate to drop again, but also force local businesses to absorb much of the reduction if they want to maintain the current incentives for formal employment and prevent part of their workforce from returning to the informal sector.”
— Daniel Santamaría-Ots, co-executive director, Espacios Abiertos
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