Fitch Ratings said it has downgraded the ratings of the United States Virgin Islands (USVI) and the USVI Public Finance Authority (VIPFA), as follows:

  • Issuer default rating (IDR) of the USVI, to CCC from B;
  • $697.8 million gross receipts tax (GRT) revenue bonds, to B from BB-minus;
  • $741.4 million senior lien matching fund revenue bonds, to B from BB-minus;
  • $147 million subordinate lien matching fund revenue bonds, to B from BB-minus;
  • $232.2 million subordinate lien matching fund revenue bonds (Diageo project) series 2009A, to B from BB-minus;
  • $34.9 million subordinate lien matching fund revenue bonds (Cruzan project) series 2009A, to B from BB-minus.

Fitch has removed the ratings from rating watch negative. The outlook on all of the ratings is negative.

S&P Global Ratings said lowered its rating two notches to CCC-plus from B on the VIPFA’s senior- and subordinate-lien matching fund notes, issued for the USVI and lowered to CCC from B-minus on the VIPFA’s gross receipts tax loan notes, issued for the USVI.

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