NEW YORK, Feb 11 (Reuters) - Fitch Ratings cut Puerto Rico’s credit rating to junk on Tuesday, the third major ratings agency in a week to downgrade the U.S. territory, citing fears of reduced access to capital markets.
Fitch now rates the commonwealth BB, two notches below the previous BBB-, the lowest investment grade rating. Moody’s and Standard & Poor’s cut Puerto Rico’s rating to junk last week.
“Recent downgrades have triggered new liquidity requirements and lowered expectations for the market available for the commonwealth’s debt going forward,” Fitch said in a statement.
Puerto Rico has some $70 billion of debt outstanding and has long struggled with a shrinking economy and population.