Fitch Ratings late Wednesday assigned its first-ever rating to Puerto Rico general obligation bonds, giving them a BBB-plus. The outlook for the $9.2 billion of GOs is stable. The bonds now have a rating from all three major rating agencies.
The rating announcement comes as Puerto Rico plans to sell by June 30 its first new-money GO issuance since September 2008. Officials are also working on GO refinancings set to price in February.