Puerto Rico next week will begin addressing the high interest rates it pays on more than $600 million of auction-rate securities as the commonwealth plans to buy its own auction-rate bonds in upcoming bids.

The island has $213.5 million of floating-rate public improvement refunding debt that will reset on April 9 and April 16 and that the Government Development Bank for Puerto Rico, the island's debt financing agent, anticipates bidding on to generate lower interest rates for the commonwealth.

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