What you need to know about Puerto Rico’s debt problems

30 Jun 2015 | Author: | No comments yet »

EconomyS&P cuts Puerto Rico credit rating to CCC-.

Standard & Poor’s has cut Puerto Rico’s credit rating from CCC+ to CCC-, a two-notch downgrade reflecting imminent concern of default on $72bn of debt.

S&P slapped a “negative” outlook on the rating, citing “weak liquidity and difficulty in obtaining external market access for cash flow.” The economy is in recession following austerity measures and regulators have been trying for years to figure out just how Puerto Rico was going to pay back its debts. We must make difficult decisions to meet the challenges we now know are ahead, and I intend to do everything in my power to lead us through this time.

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