On Friday, April 24, 2015, the credit-rating agency, Standard & Poor’s (S&P), downgraded Puerto Rico’s general-obligation bonds further into "junk" level territory from a B rating down to a CCC+ grade, making it even more difficult for the financially distressed island to borrow money and dig out from its severe financial problems. This grading means S&P grades the Puerto Rican debt four notches above the lowest possible grade of "default."
S&P said in a statement, “We base the downgrade of Puerto Rico's tax-supported debt on our view that the commonwealth's market access prospects have further weakened and Puerto Rico's ability to meet its financial commitments is increasingly tied to the business, financial, and economic conditions on the island. Absent improvement in those conditions, we believe debt and other financial commitments will be unsustainable."
Lars Soreide, of Soreide Law Group, has been quoted in several national publications regarding the lawsuits he has filed against Puerto Rican bond sales on behalf of his clients. Please see some the blog articles regarding Soreide Law Group and the lawsuits filed at:
https://www.securitieslawyer.com/securitieslawyerblog/?p=4905
https://www.securitieslawyer.com/securitieslawyerblog/?p=3907
https://www.securitieslawyer.com/ubspuertoricofundloss.html
Soreide Law Group (https://www.securitieslawyer.com) is currently representing clients with significant losses in their Puerto Rico Bond investments, both nationally and internationally. Call Soreide Law Group (888) 760-6552 for a free consultation on how you may be able to recover your losses.
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