Standard & Poor's Ratings Services said it has lowered its rating on Puerto Rico Infrastructure Financing Authority's series 2011B and 2011C revenue bonds, issued for the port authority project, one notch to BB-minus from BB, and removed the rating from CreditWatch, where it was placed with negative implications on July 1, 2014.
These bonds receive support in the form of a letter of credit provided by Government Development Bank for Puerto Rico.
This action follows Standard & Poor's July 11, 2014, lowering of its rating on Government Development Bank for Puerto Rico one notch to BB-minus from BB and subsequent removal of the rating from CreditWatch, where it was placed with negative implications on June 27, 2014.
