March 20, 2013 / 8:03 PM / 4 years ago

Fitch cuts Puerto Rico GO debt to BBB minus

March 20 (Reuters) - Fitch Ratings on Wednesday cut its general obligation credit rating for Puerto Rico to BBB-minus from BBB-plus, saying the U.S. commmonwealth was facing a large budget imbalance caused by a weak economy and revenues.

Fitch said in a statement that it had a negative ratings outlook for Puerto Rico, that the island's government will likely fall short of structural budget balance in fiscal 2014, and that its underfunded pension system was nearly depleted.

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