SAN JUAN, P.R. — Puerto Rico is seeking a one-notch upgrade to its general obligation rating by the first quarter of 2011 and a potential boost to its outlook as the territory plans to issue more than $7.2 billion of refunding and new-money debt in 2010.

Carlos Garcia, president of the Government Development Bank for Puerto Rico, Thursday announced the goal of BBB and Baa2 from Standard & Poor’s and Moody’s Investors Service, respectively, to nearly 400 bankers, investment analysts, and market participants during the 2010 Puerto Rico Credit Conference in San Juan.

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