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Puerto Rico GDB 'disappointed' by rating downgrade
February 12, 2015 / 11:33 PM / in 3 years

Puerto Rico GDB 'disappointed' by rating downgrade

NEW YORK, Feb 12 (Reuters) - Puerto Rico’s Government Development Bank said on Thursday it was “disappointed” by S&P downgrading its bonds, “without evaluating the details and structure of the proposed tax reform.”

On Friday, a federal judge ruled that Puerto Rico’s so-called Recovery Act, which made some of its agencies eligible for court-supervised debt restructuring, violated the U.S. Constitution by allowing a state government to modify municipal debt. Puerto Rico has said it will appeal. (Reporting by Megan Davies; Editing by Lisa Shumaker)

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