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Moody's cuts ratings on two Puerto Rico public corporations
June 27, 2014 / 5:41 PM / 3 years ago

Moody's cuts ratings on two Puerto Rico public corporations

June 27 (Reuters) - Moody’s Investors Service cut its rating on bonds issued by two of Puerto Rico’s largest public authorities, the Puerto Rico Aqueduct & Sewer Authority (PRASA) and the Puerto Rico Highway & Transportation Authority (PRHTA), citing a new law that allows public corporations to restructure their debt.

The ratings agency said rating on PRASA’s revenue bonds was downgraded to “Ba3” from “Ba2” while PRHTA’s Highway Revenue Bonds were downgraded to “Ba3” from “Ba1”.

Moody’s also warned that the ratings remain under review for further downgrade. (Reporting by Devika Krishna Kumar in Bangalore)

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