Puerto Rico: Junk bond status

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Only about 1 percent of American municipalities have been given a junk rating by S&P: Puerto Rico GO Bonds Inch Higher After S&P Downgrade A Sign That Some Buyers Are Relieved To Have The Downgrade Behind Them S&P on Tuesday lowered Puerto Rico’s general obligation bond rating to double-B-plus from triple-B-minus, stripping the island of its investment grade rating. The rating firm said it cut the rating because of Puerto Rico’s “reduced capacity” to borrow and the contraction in its economy in all but one year since 2006. It kept the island’s ratings on watch and warned of further cuts if the island is unable to raise money. . . .

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