Moody's Investors Service said it has upgraded to Baa1 from Baa2 the rating on the Puerto Rico Industrial Development Company's general purpose revenue bonds and changed the outlook to stable.

The Baa1 rating reflects a pledged revenue stream derived from rentals of industrial space leased to a diverse group of industrial firms that has declined steadily during the economic recession, but still provides satisfactory coverage of debt service on a current and projected basis and the company's importance as a major economic development entity of the commonwealth of Puerto Rico government, and its dominant position on the island - with almost 24 million square feet under management in the industrial property market.

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