Puerto Rico benchmark GOs trade at new record low price

NEW YORK, July 2 Wed Jul 2, 2014 12:17pm EDT

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NEW YORK, July 2 (Reuters) - Puerto Rico benchmark general obligation bond prices touched a record low in Wednesday trading as a recent slew of ratings downgrades and concerns the Commonwealth's public corporations will default continue to weigh on sentiment.

The single maturity general obligation debt, which carries a coupon of 8 percent and matures in 2035, traded at 83.50 cents, giving a yield of 9.878 percent, according to Thomson Reuters data. The average price over the day was 84.738 cents. (Reporting by Edward Krudy; Editing by James Dalgleish)