September 28, 2017 / 12:53 PM / 10 months ago

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

Sept 28 (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.

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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