Standard & Poor's Ratings Services lowered its long-term rating and underlying rating (SPUR) to 'BB' from 'BB+' on the University of Puerto Rico's (UPR) existing university system revenue bonds. We also lowered the stand-alone credit profile (SACP) on the university, to 'bb' from 'bb+'. Some of these bonds were issued by the Puerto Rico Industrial, Tourist, Educational, Medical, & Environmental Control Facilities Finance Authority. All ratings have been removed from CreditWatch and assigned a negative outlook.
"Per our government-related entities criteria, a rating or outlook change on Puerto Rico (BB/Negative) would result in a rating or outlook change to the University of Puerto Rico given the high likelihood of extraordinary support," said Standard & Poor's credit analyst Bianca Gaytan-Burrell.
