Standard & Poor's Ratings Services said it has lowered its ratings on Puerto Rico Aqueduct & Sewer Authority's (PRASA) revenue bonds, guaranteed by the Commonwealth of Puerto Rico, by one notch to BB.
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At the same time, Standard & Poor's lowered its rating on PRASA's revenue bonds to BB-minus from BB-plus. The outlook is negative.
"The actions reflect our downgrade of the commonwealth's general obligation debt," said Standard & Poor's credit analyst Theodore Chapman
The negative outlook affects PRASA's series 2008A and 2008B revenue bonds, of which $285 million are outstanding.
