Puerto Rico agency debt slumps on downgrades, restructuring law
NEW YORK, June 27
NEW YORK, June 27 (Reuters) - Puerto Rico public corporation debt slumped on Friday after a new law that allows agencies to restructure their debts sparked fears of an imminent default and led to a slew of downgrades on the electricity, highway, and water authorities.
Debt of the Puerto Rico Electric Power Authority (PREPA) maturing in 2040 and carrying a coupon of 5.25 percent traded with an average price of 45.956 cents on the dollar and an average yield of 12.139 percent, according to Thomson Reuters data. (Reporting by Edward Krudy; Editing by Chizu Nomiyama)