Puerto Rico Re-Junked, This Time By Moody's
- Politically and economically linked to the US, with benefit of the nation’s strong financial, legal, and regulatory systems
- Large economy, with gross product exceeding that of 15 US states and population exceeding that of 22 US states
- Broad legal powers to raise revenues, adjust spending programs, and borrow to maintain fiscal solvency
- Major actions taken to stabilize commonwealth finances, including significant reform to main pension system, and tax increases to reduce budget deficit
- Ongoing economic weakness due to long-term decline in dominant manufacturing sector, decreased competitiveness as a result of expired federal tax benefits, and high energy costs
- Dependence on capital markets financing to fund operating expenses and debt service during period of increased risk of reduced market access
- Very large unfunded pension liabilities relative to revenues, even after major reforms to two main plans that helped reduce cash-flow pressure
- Very high government debt, equal to more than 50% of gross domestic product
- Multi-year trend of large general fund operating deficits relative to revenues, financed by deficit borrowing
- General obligation bonds
- Public Building Authority Bonds
- Pension funding bonds
- Puerto Rico Infrastructure Finance Authority (PRIFA) Special Tax Revenue Bonds
- Convention Center District Authority Hotel Occupancy Tax Revenue Bonds
- Government Development Bank (GDB) Senior Notes
- Municipal Finance Authority (MFA) Bonds
- Puerto Rico Highway and Transportation Authority (PRHTA) Transportation Revenue Bonds
- Puerto Rico Aqueduct and Sewer Authority (PRASA) Commonwealth Guaranteed Bonds
- Puerto Rico Aqueduct and Sewer Authority (PRASA) Revenue Bonds
- Commonwealth of Puerto Rico Sales Tax Financing Corporation Senior Lien Bonds
- Commonwealth of Puerto Rico Sales Tax Financing Corporation Junior Lien Bonds
- Puerto Rico Highway and Transportation Authority (PRHTA) Highway Revenue Bonds
- Puerto Rico Public Finance Corporation (PRPFC) Commonwealth Appropriation Bonds
- Puerto Rico Highway and Transportation Authority (PRHTA) Subordinate Transportation Revenue Bonds
- Strong rebound in economic growth leading to improved and sustained financial performance
- A trend of declining debt
- Evidence of further constraints on market access or significant further weakening of GDB liquidity
- Indication that total fixed costs, including pension contributions and debt service on bonded debt, have become unaffordable
- Steep growth in structural budget gap and an increase in GAAP deficits, solved with non-recurring solutions
- Economic weakness resulting in declining revenues and continued out-migration
- Reacceleration of growth in government debt
Source: http://nunezreport.blogspot.com/2014/02/puerto-rico-re-junked-this-time-by.html
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