S&P Takes Puerto Rico on Journey to Junk

The beleaguered island territory has just had its general-obligation debt downgraded to junk by one of the three big ratings companies.
This man's job just got harder: He's Puerto Rican Governor Alejandro Garcia Padilla, and the island's debt has just been downgraded to junk. Photograph by Christopher Gregory/Getty Images

With a few embarrassing exceptions, credit-rating companies tend to issue downgrades after the dangers of default have become obvious to everyone.

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