Puerto Rico $7.6 Billion of Electric Bonds Cut a Step
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Puerto Rico Electric Power Authority had its rating cut one step by Moody’s Investors Service, which cited the issuer’s weakened liquidity and reduced electricity demand.
The reduction to Baa1, third-lowest investment level, from A3 affects $7.6 billion of debt outstanding, the rating company in New York said today in a report. The grade also applies to $475 million in revenue-refunding bonds to be sold next month.