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4 months ago
BRIEF-S&P says Puerto Rico PROMESA Title III filing unlikely to have impact on commonwealth ratings
May 3, 2017 / 9:28 PM / 4 months ago

BRIEF-S&P says Puerto Rico PROMESA Title III filing unlikely to have impact on commonwealth ratings

May 3 (Reuters) - S&P Global Ratings:

* Says says Puerto Rico PROMESA Title III filing unlikely to have an impact on commonwealth ratings

* Says sees no rating impact on Puerto Rico's tax-backed ratings from potential title iii filing, while creditor recovery rates may become even more uncertain

* S&P on PROMESA Title III filing - believe principal recovery rates would have remained uncertain either within or outside of title iii

* S&P on PROMESA Title III filing - expect appropriation-secured debt, such as that of employees retirement system, to likely default on July 1, 2017

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