February 4, 2014 / 8:50 PM / 4 years ago

S&P cuts Puerto Rico debt to junk status

Feb 4 (Reuters) - Standard & Poor’s on Tuesday cut its credit rating on Puerto Rico, dropping the cash-strapped U.S. territory’s debt to junk-bond status on concern about its ability to access capital markets.

S&P, which had placed Puerto Rico’s rating on notice for a downgrade last month, said it now rates the Caribbean commonwealth at “BB+,” one level below investment grade. Previously it had rated it “BBB-.”

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