August 29, 2013 / 2:06 PM / 4 years ago

Fitch cuts Virgin Islands Public Finance Authority bonds

Aug 29 (Reuters) - Fitch Ratings on Thursday cut its rating on senior lien revenue bonds (Virgin Islands matching fund loan note) issued by the Virgin Islands Public Finance Authority to BBB from BBB-plus, affecting $901.1 million of debt.

The rating agency also downgraded the authority's $177 million of subordinate lien revenue bonds (Virgin Islands matching fund loan note) to BBB-minus from BBB and its $250 million subordinate revenue bonds (Virgin Islands matching fund loan note-Diageo project) to 'BBB-' from 'BBB'.

"The downgrade of the ratings on the authority's matching fund bonds incorporates significant negative revisions to the official forecast of pledged revenues, which Fitch believes weakens the security provided for these bonds," the rating agency said in a statement.

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