A portion of Puerto Rico's $1 billion June refunding deal will come to market this week insured by MBIA Insurance Corp. even as Moody's Investors Service last week downgraded the insurer to A2 with a negative outlook from its previous triple-A rating.

Of the commonwealth's $1 billion refunding $195 million is pricing tomorrow with the remaining debt pricing on June 30. On that day, the government is scheduled to sell $275 million of MBIA-insured debt along with nearly $500 million of bonds insured by Financial Security Assurance.

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