Standard & Poor’s downgraded the Puerto Rico Aqueduct and Sewer Authority’s underlying senior-lien bond rating to speculative grade BB-plus from BBB-minus.

S&P also lowered the rating on PRASA bonds guaranteed by the commonwealth by one notch to BBB-minus, the lowest investment grade. The downgrade Tuesday affects about $3.45 billion of revenue bonds and $159 million of guaranteed debt.

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