Puerto Rico revenue up year to date, but down for November
Dec 12 (Reuters) - Puerto Rico revenues have risen by 12.4 percent in the first five months of the current fiscal year, exceeding the cash-strapped U.S. commonwealth's budget forecasts, but government income took a hit in November, coming in $48 million below plan, the government said on Thursday.
For the fiscal year through November, the Caribbean island's revenue rose $335 million to $3.28 billion from $2.94 billion a year earlier, Treasury Secretary Melba Acosta said in a statement. The Treasury had estimated collections of around $3.2 billion.
For November, however, revenue slid to $522 million from $543 million, and below forecasts for $570 million, the agency said.
"Traditionally, November is one of less significant months in terms of collections during the year," Acosta said.
Late on Wednesday, Acosta told Reuters the island would not tap the municipal bond market until next year, and ratings agency Moody's put Puerto Rico's debt rating on watch for a possible downgrade.