Analysts are saying that when Puerto Rico next comes to market to sell bonds, it will have to pay a high yield and will only succeed if it shows more progress towards fiscal health.

The current fiscal 2013 budget was designed assuming that Puerto Rico would refinance $775 million in debt, according to investor outreach from the Government Development Bank of Puerto Rico and the Department of Treasury dated March 22. Puerto Rico would be refunding $600 million of general obligation bonds and $175 million of government guaranteed Public Building Authority debt. The new fiscal year begins July 1.

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