Seeking Alpha

PREPA debt rating slashed four notches by S&P

  • The Puerto Rico Electric Power Authority's $8.6B debt is cut to B- from BB by S&P following this week's temporary extension of its credit line which must still be repaid by month's end. The inability to get a renewal, says S&P, increases the risk the utility will attempt to restructure its debt under the new public corporation bankruptcy law passed last month.
  • MBIA (MBI -0.5%), Assured Guaranty (AGO +1.3%)
  • Previously: PREPA gets lifeline from lenders
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