The auditor of the Government Development Bank of Puerto Rico is warning about possible defaults by Puerto Rico government bodies.

The Independent Auditor's Report on the bank was released on Feb. 11. The auditor, Deloitte & Touche LLP, noted that $5.7 billion, or 36%, of the bank's total assets as of June 30, 2012, were loans to the Commonwealth of Puerto Rico or its agencies.

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