Standard & Poor's Ratings Services said it has revised its outlook on the Puerto Rico Municipal Finance Agency's bonds outstanding to negative from stable and affirmed its BBB-minus rating.

"The outlook revision is based on our assessment of the pledged revenues securing the bonds, including revenue derived from the commonwealth's pledge to appropriate funds for the repayment of debt service," said Standard & Poor's credit analyst Horacio Aldrete-Sanchez. MFA has approximately $1.1 billion in bonds outstanding.

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