Puerto Rico officials yesterday reached out to bondholders to outline the commonwealth's fiscal road map, offer details on future bond transactions, and give their pledge of more frequent investor contact and transparency.

Carlos Garcia, president of the Government Development Bank for Puerto Rico, hosted the conference call and stressed to the group that while the island faces a $3.2 billion deficit in the current fiscal 2009 budget and a prolonged recession, the new administration will implement budget reforms while at the same time setting the stage for economic growth through public-private partnerships.

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