Standard & Poor's Ratings Services has lowered its rating on Puerto Rico Highway & Transportation Authority's (PRHTA) grant anticipation revenue (GARVEE) bonds outstanding to 'A' from 'A+'. At the same time, we have placed the rating on CreditWatch with negative implications.

"The downgrade is based on administrative deficiencies that resulted in a failure to make a debt service payment in a timely manner, while the CreditWatch is based on uncertainty regarding PRHTA's plan to avoid future late debt service payments," said Standard & Poor's credit analyst Georgina Rovirosa.

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