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Puerto Rico agency debt slumps on downgrades, restructuring law
June 27, 2014 / 6:20 PM / 3 years ago

Puerto Rico agency debt slumps on downgrades, restructuring law

NEW YORK (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. [74526QVX7=MSRB]

Reporting by Edward Krudy; Editing by Chizu Nomiyama

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