Puerto Rico removed from CreditWatch at S&P after bond sale

|By:, SA News Editor

"The removal of the ratings from CreditWatch reflects Puerto Rico's successful sale this week of $3.5 billion of GO term bonds with an 8.0% coupon and an effective yield of 8.73%," says S&P's David Hitchcock. "In our opinion, the sale will relieve near-term liquidity pressure on the commonwealth."

The agency affirms the island's BB+ rating with negative outlook.

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