The Standard & Poor’s Municipal Bond Puerto Rico Index fell 8.9% in August through Wednesday, on track for the worst monthly performance in at least 14 years.

If this decline persists through the end of the month, it would be worst monthly performance in the history of the index going back to December 1998, S&P vice president J.R. Rieger said. For the year so far the index is down 14.9%. If the current level were to hold to the end of the year, the performance would also be the worst since the index was founded, Rieger said.

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