{"id":1358,"date":"2013-12-14T21:37:17","date_gmt":"2013-12-14T21:37:17","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2013\/12\/moody_reassess_puerto_rico_bon"},"modified":"2022-03-11T08:54:57","modified_gmt":"2022-03-11T14:54:57","slug":"moody-reassess-puerto-rico-bon","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/moody-reassess-puerto-rico-bon\/","title":{"rendered":"Moody’s Reassessment of Puerto Rico Bonds Does Nothing to Relieve Investor Worries"},"content":{"rendered":"

\t\t\t\tOne day after Moody’s Investor Service placed Puerto Rico’s general obligation bonds<\/a> rating of Baa3 on review for downgrade to junk status, the credit rating agency affirmed the ratings it had earlier in the year given four banks: Banco Santander Puerto Rico, Popular Inc. and its subsidiaries, FirstBank Puerto Rico, and Doral Financial Corporation, as well as the ratings for senior bonds put out by Doral Financial and Banco Santander Puerto Rico through the Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority. The ratings outlook for First Bank, Popular, and Doral Financial stayed negative, as did Banco Santander Puerto Rico’s BFSR\/BCA. (However, the outlook on that bank’s supported deposit and debt ratings are stable due to the bank’s affiliation with Santander Bank NA, which is a US affiliate.)<\/p>\n

Puerto Rico, which is a major municipal bond issuer, has been close to or in recession for nearly a decade and has over $70 billion in debt. Moody’s said it is worried about the territory’s growing dependence on outside short-term debt, “weakening liquidity,” limited market access, and its poor economy. The credit rater believes that the fiscal and economic challenges that the territory continues to face will keep threatening the “health of the banking system.” Noting that the banks’ non-performing assets continue to remain negative relative to banks in the US mainland, the agency said that this could result in more losses if things don’t get better.<\/p>\n

Unfortunately, many investors who got involved in Puerto Rico muni bonds<\/a> were not apprised of the risks or could have never handled the high risks to begin with. Some investors have lost their retirement or life savings as a result.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

One day after Moody’s Investor Service placed Puerto Rico’s general obligation bonds rating of Baa3 on review for downgrade to junk status, the credit rating agency affirmed the ratings it had earlier in the year given four banks: Banco Santander Puerto Rico, Popular Inc. and its subsidiaries, FirstBank Puerto Rico, and Doral Financial Corporation, as […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3845,3752,3882,3922,4039,3755],"tags":[],"class_list":["post-1358","post","type-post","status-publish","format-standard","hentry","category-credit-rating-agencies","category-financial-firms","category-moodys","category-municipal-bonds","category-puerto-rico-bond-funds","category-ubs"],"yoast_head":"\nMoody's Reassessment of Puerto Rico Bonds Does Nothing to Relieve Investor Worries — Investor Lawyers Blog 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