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:
“This anniversary is not only a celebration of what we’ve done but of where we’re headed.”
— René De la Cruz, founder of De la Cruz Ogilvy, marking the agency’s 40-year milestone
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