SAN JUAN - Many people already consider the rating of Puerto Rico to be below investment grade, but rating agencies are giving the new governor's administration some time to take control of finances before acting to downgrade the credit, an investor said during a conference there last week.

"Many people have you at below investment grade. The rating agencies, I believe, are giving Puerto Rico and the administration the courtesy of, 'Let's see what these guys can do,' " said Rafael Costas, senior vice president and co-director of municipal bonds at Franklin Templeton.

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