Puerto Rico Gov. Alejandro García Padilla criticized the major ratings agencies Tuesday.
The governor, who has been in office since January 2, has been hit with agency downgrades to his commonwealth’s debt in December and March. All three of the agencies rate his government’s general obligation debt at triple-B-minus level, just above speculative grade.
At a news conference on Tuesday a reporter asked García Padilla about his pension reform plan and the ratings agencies’ opinion of him.
He responded that the ratings agencies, “may have their opinion and they have work to do and so be it. But I disagree and I think they have been unfair to Puerto Rico. As the governor I’m making the decisions that have to be made to save Puerto Rico’s credit, so that Puerto Rico can move forward. Not because the credit agencies are pushing for it; I am making these decisions because Puerto Rico deserves roads, hospitals, and schools.”
He continued, “What the credit agencies think of me does not matter. What they think of Puerto Rico’s credit does and I have to work with that. Yet, if the credit agencies want to govern, elections will be held in November 2016.”