Puerto Rico's pension reform positive step -S&P

NEW YORK, April 5 Fri Apr 5, 2013 11:24am EDT

NEW YORK, April 5 (Reuters) - Puerto Rico's pension reform approved late on Thursday will help reduce pressure on the island's cash-strapped finances, but the impact on its credit ratings will be largely determined by future progress on the current deficit, Standard & Poor's Ratings Services said on Friday.

"We expect that the approved pension reform will significantly reduce the additional pay-as-you-go contribution from the commonwealth to the retirement system," the rating agency said in a statement.