March 4 Final approvals of a deal to privatize
Puerto Rico's main airport add up to a credit positive for the
heavily indebted Caribbean island, Moody's Investors Service
said on Monday.
"The public-private partnership will provide the
cash-strapped Puerto Rico Ports Authority (unrated), the
airport's operator, with an immediate up-front lease payment of
$615 million," Moody's said.
"Of that amount, $491 million will pay down loans and loan
guarantees from the Government Development Bank for Puerto Rico
(rated Baa3 negative), making the transaction credit positive
for GDB, and in turn for the Commonwealth of Puerto Rico (rated