While the credit rating agencies and bond holders wait for details on how Puerto Rico would replace 4.5% of the island's sales tax with a new excise tax beginning July 1, commonwealth officials say the tax revenue change will help to strengthen Puerto Rico's economy.

Gov. Anibal Acevedo Vila's proposal to eliminate 4.5% of the island's 7% sales tax, a revenue stream that backs $2.6 billion of Puerto Rico Sales Tax Financing Corp. bonds sold in mid-July is a concern for investors and credit rating agencies.

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