Fitch Ratings has downgraded the rating on the following bonds issued by the Puerto Rico Public Buildings Authority to D from C to reflect payment default: Government facilities revenue and revenue refunding bonds, series R, S, T, and U.
The commonwealth's Issuer Default Rating (IDR) remains RD, indicating that the issuer has defaulted on a select class of its debt. Ratings on securities that have not defaulted remain at C/Rating Watch Negative.
The ratings on the bonds have reached the lowest level on Fitch's rating scale. Fitch expects to reexamine the commonwealth's credit profile once debt restructuring plans become more clear.
