December 28, 2012 / 7:15 PM / 6 years ago

S&P puts Puerto Rico road bonds on CreditWatch

Dec 28 (Reuters) - Standard & Poor’s Ratings Services said on Friday it m ay downgrade the ratings of three Puerto Rico road bond issues because the Wall Street agency’s analysts have insufficient financial information to sustain the ratings.

The CreditWatch action covers a BBB-plus rating on Puerto Rico Highway and Transportation Authority (PRHTA) highway revenue bonds, a BBB rating on the authority’s senior transportation revenue bonds, and a BBB-minus rating on PRHTA’s subordinate transportation revenue bonds, S&P said.

“The CreditWatch placement follows PRHTA’s lack of timely and satisfactory information to us to maintain our ratings in accordance with our criteria and policies,” S&P credit analyst David Hitchcock said in a news release.

Commonwealth officials delivered information on Thursday. But, Hitchcock said, “We have yet to determine if this information is sufficient for us to maintain our ratings on the authority.”

Hitchcock said S&P expects to resolve the CreditWatch placement by Jan. 15, 2013.

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