Nov 9 Standard & Poor's Ratings Service on
Friday said "prolonged inaction" on reforms of Puerto Rico's
ailing government workers pension system by the island's
governor-elect could lead to a one-notch downgrade of Puerto
Rico credit ratings.
The Wall Street credit agency said Tuesday's election, during
which Alejandro Garcia Padilla narrowly beat Gov. Luis Fortuno,
may prove crucial to Puerto Rico's rating, according to a news
release. No immediate ratings action was seen, S&P said.
"However, we still believe that there is at least a one in
three chance that we may lower these ratings later this year or
in early 2013," S&P said.
S&P rates the island's general obligation debt BBB and its
appropriation debt BBB minus and has negative outlooks on both
types of debt.