September 28, 2017 / 12:58 PM / 7 months ago

Puerto Rico asks U.S. for credit lines after Maria -Governor

(Reuters) - Puerto Rico will ask the U.S. Federal Reserve and Treasury for lines of credit “at reasonable rates” as it struggles to rebuild after Hurricane Maria, Governor Ricardo Rossello said on Thursday.

FILE PHOTO: Puerto Rico's Governor Ricardo Rossello addresses the audience during a meeting of the Financial Oversight and Management Board for Puerto Rico at the Convention Center in San Juan, Puerto Rico March 31, 2017. Picture taken March 31, 2017. REUTERS/Alvin Baez

Maria, the most powerful hurricane to hit the U.S. island territory in nearly 90 years, swept across the island last Wednesday, knocking out the territory’s entire power grid, unleashing severe flooding and causing widespread heavy damage to homes and infrastructure.

“We are not going to have revenues in the next couple of months so that puts us in a bind,” Rossello told CNBC in an interview, pointing to a number of emergency sources of funding the island would make use of.

“Lastly we are asking the Fed and Treasury to offer Puerto Rico lines of credit at reasonable rates,” he added.

Reporting by Yashaswini Swamynathan in Bengaluru; editing by Patrick Graham

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