NEW YORK--(BUSINESS WIRE)--Fitch Ratings assigns a 'BBB+' rating to the following general obligation (GO) bonds of the Commonwealth of Puerto Rico:
--$52.19 million public improvement refunding bonds, series 2011D;
--$245.915
million public improvement refunding bonds, series 2011E.
The bonds priced June 28, 2011 in conjunction with the issuance of GO public improvement bonds, series 2011A, rated by Fitch on June 24. The Rating Outlook is Stable.
Proceeds of the 2011D bonds will be used to refund prior bonds for present value savings. The 2011E bonds will be used to refund outstanding variable rate bonds and fund a termination payment associated with a related interest rate swap agreement. For more information on the general credit of the Commonwealth of Puerto Rico, see 'Fitch Rates Puerto Rico's $304MM GO Bonds 'BBB+'; Outlook Stable,' dated June 24, 2011.
Additional information is available at www.fitchratings.com.
In addition to the sources of information identified in Fitch's Tax-Supported Rating Criteria, this action was additionally informed by information from IHS Global Insight.
Applicable Criteria and Related Research:
--'Tax-Supported Rating
Criteria', dated Aug. 16, 2010;
--'U.S. State Government
Tax-Supported Rating Criteria', dated Oct. 8, 2010.
For information on Build America Bonds, visit www.fitchratings.com/BABs.
Applicable Criteria and Related Research:
Tax-Supported Rating
Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=548605
U.S.
State Government Tax-Supported Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=564546
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