Virgin Islands Echoes Puerto Rico as Utility’s Bonds Cut to Junk
- S&P cuts water and power authority debt, citing unpaid bills
- Agency’s finances are ‘somewhat vulernable,’ rater says
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Another U.S. territory is sliding into junk-bond status.
The Virgin Islands Water and Power Authority, the Caribbean archipelago’s utility, had the credit rating on its most secure debt cut below investment grade Wednesday by S&P Global Ratings. The rating company cited its low levels of cash and a backlog of unpaid bills, some owed by the government.