NEW YORK, March 14 Standard & Poor's Ratings
Service took Puerto Rico off Credit Watch status on Friday,
three days after the Caribbean island sold $3.5 billion of
junk-rated bonds at a tax-free yield of nearly 9 percent.
In reaffirming its non-investment grade BB-plus rating on
the island's general obligation debt, the U.S. credit agency
said it was retained a negative outlook on the big borrower
battling eight years of continuing recession and chronic budget
S&P said Tuesday's single-maturity bond sale, which was
heavily oversubscribed, "will relieve near-term liquidity
pressure on the commonwealth."
S&P had put the island on Credit Watch with negative
implications earlier this year.