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Puerto Rico Bracing For Credit Rating Change
BY KEN OLIVER-MENDEZ
April 4, 2002
Credit rating agency Standard & Poors (S&P) is expected to revise the Commonwealths credit rating, following its latest meeting with members of Gov. Sila Calderons economic team.
Government Development Bank Executive Vice President Jose Pagan told CARIBBEAN BUSINESS that with the nine-month mark of Puerto Ricos "CreditWatch" status fast approaching, the Commonwealths credit rating is now due to either be returned to a stable outlookor downgraded.
Since July 2001, the Commonwealth has been on an S&P CreditWatch, a status that typically precedes a change in credit rating by six to nine months.
Pagan said the decision by S&P could be made as early as this week. Members of Gov. Calderons economic team met with S&P on March 22 at S&Ps request. "We werent in a rush for the meetingbut they werewith the nine-month deadline approaching," said Pagan.
Members of Gov. Calderons economic teamincluding Government Development Bank President Juan Agosto-Alicea and Treasury Secretary Juan Flores-Galarzahave expressed confidence that the Commonwealths latest fiscal moves will be positively evaluated by S&P.
However, in recent months S&P has downgraded the credit ratings of several other U.S. jurisdictions that were also previously on "CreditWatch" and that also faced budget shortfalls on scales similar to Puerto Ricos.
This Caribbean Business article appears courtesy of Casiano Communications.