Fitch downgrades Puerto Rico Electric Power Authority's revenue bonds
June 11 (Reuters) - Fitch downgraded Puerto Rico Electric Power Authority power revenue bonds to 'BB' from 'BB+', citing concerns about the utility's ability to manage near-term liquidity demands.
The ratings agency said the cut reflected PREPA's diminished liquidity as evidenced by lower than anticipated cash balances, the maturity of its $250 million line of credit and the pending maturity of a second $550 million line of credit in August. (r.reuters.com/dep99v)
Fitch placed the 'BB' rating on Rating Watch Negative. (Reporting By Narottam Medhora in Bangalore; Editing by Savio D'Souza)
Trending On Reuters
We are living longer but not creating financial plans to keep pace. Advisers give tips on how to make sure you don’t outlive your money. Video