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Puerto Rico officials dispute latest debt downgrade
Published on February 10, 2014 Email To Friend    Print Version

SAN JUAN, Puerto Rico -- On Friday, Treasury Secretary Melba Acosta Febo and Government Development Bank for Puerto Rico (GDB) chairman David H. Chafey commented on Moody's Investors Service's decision regarding outstanding bonds issued by Puerto Rico and related entities.

"We strongly disagree with Moody's decision, and we will not relent in our plans to strengthen our fiscal situation. We remain confident that we have the liquidity on hand to satisfy all liquidity needs until the end of the fiscal year, including any cash needs resulting from recent rating agency actions.

"Discussions with parties that have expressed an interest in arranging additional liquidity for the Commonwealth are ongoing, including new funding or extensions of existing agreements. The Commonwealth continues to explore such options, including obtaining additional funding, as necessary.

"The García Padilla administration has implemented very significant actions to improve Puerto Rico's fiscal situation, and we believe the governor's recently announced plan to strengthen the Commonwealth's short- and medium-term credit profile will accelerate our ability to enhance GDB's liquidity and spur continued economic growth in Puerto Rico."

The GDB, Treasury and OMB plan to hold a joint webcast on Wednesday to discuss the impact of recent ratings actions and PuertoRico’s fiscal and economic plans and progress, and to update investors on its financing plans.
 
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