S&P Global Ratings said it has lowered its rating on Virgin Islands Public Finance Authority's (VIPFA) senior-lien matching fund notes to BB from BBB and has lowered its rating on subordinate-lien matching fund notes, issued for the U.S. Virgin Islands (USVI), to BB-minus from BBB-minus.

At the same time, S&P said it assigned its BB long-term rating to VIPFA's series 2016A senior-lien capital projects and working capital notes and its BB-minus to its series 2016B subordinate-lien working capital notes, issued for the USVI.

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