Following in the footsteps of its fellow rating agencies, Fitch Ratings downgraded Puerto Rico debt to BBB-minus from BBB-plus on Wednesday.

The rating action affects $10.6 billion in commonwealth general obligation bonds, $1.38 billion in Public Building Authority government facilities revenue bonds guaranteed by the commonwealth, $658 million in Puerto Rico Aqueduct and Sewer Authority commonwealth guaranty revenue bonds, and $2.9 billion in pension funding bonds from the Puerto Rico Employees Retirement System.

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