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Moody's pushes Puerto Rico debt deep into junk status

A sign for Moody's rating agency is displayed at the company headquarters in New York, September 18, 2012Ratings company Moody’s on Tuesday slashed Puerto Rico’s debt rating by three notches into even deeper junk status after the US territory passed a debt-restructuring law. Moody’s Investors Service cut the rating to “B2” from “Ba2” and said the outlook was negative, indicating further downgrades were possible. Now dubbed the “Greece of the Caribbean,” the archipelago is, like Greece, reeling under massive debt. In a bid for debt relief, the Puerto Rican authorities recently adopted a law that allows for the restructuring of part of its debt by allowing public corporations to defer or reduce payments on outstanding payments, to the detriment of creditors.

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