Standard & Poor’s cited better-than-expected excise-tax collections in boosting Puerto Rico’s $9.2 billion of general obligation debt to BBB from BBB-minus.

The upgrade Monday also affects $4.2 billion of debt issued by various authorities but guaranteed by the commonwealth and paid off from its general fund. Standard & Poor’s also affirmed Monday its BBB-minus rating on Puerto Rico’s $3.3 billion of outstanding appropriation debt.

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