Following its revision of the Commonwealth of Puerto Rico’s outlook to negative, Standard & Poor’s has also revised the Government Development Bank’s outlook to negative from stable.

The GDB, which serves as financial advisor to the Commonwealth, its agencies and municipalities, is rated at BBB by S&P.

“In our view, the link between the Government Development Bank for Puerto Rico and the Commonwealth is very strong, and GDB plays a very important role for the government,” S&P analysts said in a report.

The negative outlook on the GDB reflects the negative outlook on the Commonwealth, and if S&P lowers its rating on the Commonwealth, it will likely lower the rating on the GDB, the report said.       

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