Sunday, February 9, 2014

Blogs Review: García Padilla habla de la inminente degradación del crédito

Conferencia de prensa sobre anuncio de Standard & Poor's 

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García Padilla habla de la inminente degradación del crédito 

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Traditional Puerto Rican Saint Sebastian Street Festival Fills Every Corner of Old San Juan 

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Calle San Sebastián
San Sebastián Street, Old San Juan, Puerto Rico.
Every third weekend of January the legendary San Sebastián (Saint Sebastian) Street Festival is celebrated in the old part of San Juan, the capital of Puerto Rico. For many people, this definitively marks the end of the Christmas season. Those who aren’t familiar with this Puerto Rican tradition may think that it deals with a festival only celebrated in San Sebastián Street. The reality is that as time has passed, the celebrations have gained an impressive boom, overtaking the limits of the street and now including practically all of Old San Juan, as thisvideodemonstrates:
The Festival began originally as a celebration in honor of Saint Sebastian, born in Narbonne, France and who, during the 3rd Century CE, was martyred for not renouncing the Christian faith. In Catholic imagery, he is commonly represented as pierced by several arrows and tied to a tree.
In the 1950s, the tradition of celebrating the festivals in honor of Saint Sebastian began as a way of collecting funds for repairing the buildings of the church of San José in Old San Juan. After several years, the tradition was discontinued until 1970, when the archeologist, historian, and anthropologist Ricardo Alegría suggested to Rafaela Balladares, a resident of San Sebastián Street, that they resume the tradition. This is how the Festival was born, and this year it celebrated its 44th edition.
Currently, the festival has lost much of its religious character, and has transformed more into a city festivity that attracts more than 300,000 people annually.
Here I’m sharing some of the photos that I took during my visit to this year's Festival:
Mirada a la Calle del Cristo, por donde subían muchas personas a la Calle San Sebastián.
This is Calle del Cristo (Christ Street), where many people pass on the way to San Sebastián Street.
Fachada del Centro de Estudios Avanzados, sede del Comité Organizador de las Fiestas de la Calle San Sebastián y donde se podían encontrar libros, artesanías, comida y diferentes actividades.
Front of the Center for Advanced Studies on Puerto Rico and the Caribbean in Calle del Cristo, headquarters of the Organizing Committee for the San Sebastián Street Festival, and where books, handicrafts, food, and different activities can be found.
Los cabezudos son un tipo de máscara utilizada en las procesiones tradicionales de las Fiestas de la Calle San Sebastián. Estos cabezudos fueron hechos por el colectivo de teatro Agua, Sol y Sereno.
Cabezudos (Big Heads) are a type of mask used in the traditional processions of the San Sebastián Street Festival. These cabezudos were made by the theater collectiveAgua, Sol y Sereno(Water, Sun and Calm), who offered a presentation in the Plaza de la Barandilla.
Estos son pedazos de caña de azúcar recién cortados. De aquí se saca...
These are pieces of sugar cane recently cut in one of the kiosks located in the Center for Advanced Studies on Puerto Rico and the Caribbean.
El guarapo es una bebida refrescante hecha del jugo de la caña de azúcar. Es difícil de conseguir, ya que exprimir las cañas de azúcar cuesta mucho trabajo.
Guarapo is a refreshing drink made from sugar cane juice. It is difficult to attain, since squeezing the canes takes a lot of time.
En las Fiestas también se estaban recogiendo firmas solicitando la excarcelación del prisionero político Oscar López Rivera.
La Plaza Colón (Columbus Square) was one of the places where people gathered to collect signatures for the release of political prisonerOscar López Rivera.
All images were taken by the author.
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The Online Presence of Puerto Rican Women: Gender, Creativity, and Equality 

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In 2013, the Movimiento Amplio de Mujeres (Women's Broad Movement) painted a mural with the intention of creating awareness of gender-based violence. In 2010, the municipal government of San Juan, then under the administration of Jorge Santini, ordered the work to be stopped and imposed fines on some of the women. With the recent change in administration, the municipal government has accepted that the prohibition was unconstitutional, thereby permitting the completion of the mural. Image taken from the blog Movimiento Amplio de Mujeres.
In 2013, the Movimiento Amplio de Mujeres (Women's Broad Movement) painted a mural with the intention of creating awareness of gender-based violence. In 2010, the municipal government of San Juan, then under the administration of mayor Jorge Santini, ordered the work to be stopped and imposed fines on some of the women. With the recent change in administration, the municipal government has accepted that the prohibition was unconstitutional, thereby permitting the completion of the mural. Image taken from the blogMovimiento Amplio de Mujeres.
All links lead to Spanish language pages unless otherwise specified.
Many people today still don't understand why it is necessary to talk about women's (hi)stories. The short answer is that only by studying, acknowledging, and valuing women's experiences and contributions to society in all of their diversity can we really talk about the history of humankind. This is why the focus of this post will be on some of the online spaces Puerto Rican women have created to express ideas, creativity, exchange information, or provide resources that further education on women's issues and equality.
Culture and History
The history of the women of Puerto Rico is long and complex, making it impossible to get into here with detail, suffice it to say that it is full of many hard-won conquests that continue to be contested in a still patriarchal society such as Puerto Rico. The following video offers the views of different women about gender-based violence, labor rights, and health in an electoral context.
To learn more, one can check out the online compilation of articlesthat focus on women found in the social sciences journal Homines, published by the Universidad Interamericana de Puerto Rico, which contains many excellent pieces about women in Puerto Rico. Feminist scholar and journalist Norma Valle Ferrer also published a brief history of women in Puerto Rico “Las mujeres en Puerto Rico” that offers a wealth of information.
Puerto Rican women have a rich legacy in many fields, but we will focus on the arts, particularly literature. From the poet Julia de Burgos (whose 100th anniversary is celebrated this year) to authors working today such as Mayra Santos-FebresandYolanda Arroyo Pizarro, to authors in the diaspora such as poet María Teresa Hernández, better known by her artistic name,Mariposa[en], women have made an enormous contribution to Puerto Rican letters that been studied in depth mostly since the advent of the feminist movement.
In order to encourage more women to find their voices as writers, the blog Ovarios de Acero (Steel Ovaries) was set up to provide a place where women could publish their poems, short stories and essays in a safe and supportive environment. They also have a very active Facebook page. Theabout section of the blog states:
Es un espacio que no juzga o requiere que seas una escritora profesional, solo debes ser mujer y tener el genuino deseo de crear y compartir. El concepto del blog, mayormente recoge una sola voz, pero Ovarios de Acero propone recoger todas las voces posibles. De esta forma creamos una antología de lecturas maravillosas y una diversidad sin límites.
It is a space that doesn't judge or requires that you be a professional writer, only that you be a woman and have the genuine desire to create and share. The concept of the blog mainly deals with just one voice, but Ovarios de Acero proposes to gather as many voices as possible. This way we create an anthology of wonderful readings and limitless diversity.
Empowering Women
The blogMujeres en Puerto Rico (Women in Puerto Rico), by VeronicaRT (@MujeresenPR), offers news, commentary, and links to other content on the web that create awareness about feminism and to empower women. It also has a YouTube channel with content that complements what is posted on the blog. In a similar vein, the blog Poder, Cuerpo y Género (Power, Body, and Gender) by Nahomi Galindo also offers news, commentary, and content from around the web. The blog of the feminist coalition Movimiento Amplio de Mujeres is also an important online resource.
An important effort that has greatly contributed to the empowerment of women is Proyecto Matria, which seeks to help women survivors of gender-based violence and women who are the head of a family with very little income become financially independent and self-sufficient individuals. This non-profit organization operates an array of services in Puerto Rico that include psychosocial services, assistance in starting a microenterprise, and help in getting an education, among others. Its innovative approach transcends the still prevalent notion of casting women as passive victims that receive charity, focusing instead on helping women become not just successful entrepreneurs, but fully accomplished human beings.
Stoping Gender-Based Violence
Gender-based violence is still, sadly, something that costs many women their emotional and psychic wellbeing, and their lives every year. That is why Ada M. Álvarez Conde decided to start an organization that would help educate teenagers and college-age women and men about dating violence, something rarely discussed in Puerto Rico. The Fundación Alto al Silencio (Stop Silence Foundation) organizes group talks in schools all over Puerto Rico to create awareness and gathers resources from around the web on its webpage, blog, and Facebook pagethat not only provide information on the warning signs of an unhealthy relationship and how to get help, but also statistics, news, and a training program for other people interested in getting involved. Álvarez Condeshareshow the Foundation started:
Comenzó la inauguración de la fundación con un entrenamiento a más de 150 personas en la Convención Anual de la Coalición Nacional en Contra de la Violencia Doméstica, en donde hay personas de los 50 estados que trabajan con víctimas y están encargados de los refugios a mujeres entre otros programas comunitarios. Alto al Silencio es la primera organización dedicada a tratar el tema de la violencia en el noviazgo (señales, relaciones saludables, autoestima, organización comunitaria) en español y para la comunidad latina como enfoque principal.
The foundation got its start with over 150 people getting trained at the Annual Convention of the National Coalition Against Domestic Violence, where there are people from all 50 states [of the U. S.] that work with victims and are in charge of shelters, among other community programs. Alto al Silencio is the first organization that deals with dating violence (signs, healthy relationships, self-esteem, community organization) in Spanish and with the Latino community as its primary focus.
One of the talks offered by Fundación Alto al Silencio in Cabo Rojo, Puerto Rico, to 200 students. Image taken from Fundación Alto al Silencio's Facebook page.
One of the talks offered by Fundación Alto al Silencio in Cabo Rojo, Puerto Rico, to 200 students. Image taken from Fundación Alto al Silencio's Facebook page.
Some Parting Words on Feminism
Though the women of Puerto Rico share a rich and fascinating history, full of many contributions and victories in the endeavor to forge a more equitable society, much work still needs to be done. More men and boys need to take responsibility and understand that they are necessary components in these efforts and to feel that they, too, can also be considered part of the feminist movement. Because ultimately, feminism is not just about liberating women, but also about creating the awareness that men must also work against patriarchy and sexism. Human rights activist Amárilis Pagán, in one of the postsfrom her blog Brujas y Rebeldes (Witches and Rebels), says:
Cuando las mujeres que trabajamos por derechos humanos hablamos del machismo, lo hacemos con plena conciencia de qué implica el término y quiénes son los que mueven la rueda de la violencia. Reconocemos, inclusive, cómo el machismo también oprime a los hombres al castrar su capacidad de sentir emociones, de amar libremente, de elegir qué hacer con su vida sin ser estigmatizados por renunciar a los privilegios que su sexo les otorga al nacer. También reconocemos las implicaciones económicas del pensamiento machista y cómo esa rueda de violencia tritura a hombres y mujeres que viven en pobreza, en desigualdad racial y de orientación e identidad sexual. Por eso seguimos apostando a la educación, al activismo, pero muy en especial al amor que nos sostiene en tiempos de pérdida o cuando se recrudece la violencia institucional y social hacia nuestros grupos más vulnerables.
When we the women who work on behalf of human rights talk about machismo, we do it fully conscious of what the term implies and who are the ones that move the wheel of violence. We acknowledge, in fact, how machismo also oppresses men by castrating their capacity to feel emotions, to love freely, to choose what to do with their lives without being stigmatized for renouncing the privileges given by their sex at birth. We also acknowledge the economic implications of male chauvinist thought and how that wheel of violence crushes the men and women who live in poverty, in racial and sexual identity inequality. This is why we keep our hopes in education, activism, but most especially in the love that sustains us in times of loss or when institutional and social violence flare up towards our most vulnerable groups.
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Puerto Rico’s Debt Downgraded to “Junk” Status

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Un cuarto de dólar estadounidense, o peseta, como se le llama en Puerto Rico. La expresión "Se pusieron los huevos a peseta" se utiliza a menudo para decir que el costo de vida encareció repentinamente.
A U.S. quarter, or peseta, as it’s called in Puerto Rico. The expression “everything has gone to hell now” [in Spanish the expressions plays with the word "peseta" that means "quarter"] is commonly used to mean that the cost of living has suddenly gone up or that life has suddenly got more complicated. Image from the public domain, taken from
Wikimedia Commons.
What everybody feared finally happened: Puerto Rico’s debt was downgraded to junk or speculative level on February 4, 2014, by the rating agency Standard & Poor’s. The consequences of degradation had already been mentioned in a previous article [es] by Sergio Marxuach, the Director of Public Policy of the Puerto Rican based think tank Center for a New Economy:
… [U]na degradación del crédito de Puerto Rico a nivel “chatarra” tendría repercusiones adversas para todos los que vivimos en Puerto Rico ya que desataría una crisis financiera. Eso significa, entre otras cosas, que: el gobierno tendría poco o ningún acceso a los mercados financieros; veríamos una depreciación del valor de los bonos y obligaciones de Puerto Rico de entre 30% y 50%; la liquidez y la solvencia de las instituciones financieras y compañías de seguro en Puerto Rico podrían verse afectadas adversamente; veríamos un aumento en las tasas de interés y una contracción significativa del crédito; y aumentarían tanto las quiebras como el desempleo. Nadie en Puerto Rico estaría inmune de los efectos de esa tempestad.
Degrading Puerto Rico’s credit to ‘junk’ level would have adverse repercussions for everybody who lives in Puerto Rico because it would set off a financial crisis. That means, among other things, that the government would have little or no access to financial markets; we would see a depreciation between 30 to 50% of the value of Puerto Rican bonds and obligations; the liquidity and solvency of financial institutions and insurance companies in Puerto Rico could be adversely affected; we’d see an increase in interest rates and a significant credit crunch; and an increase in bankruptcies and unemployment. No one in Puerto Rico would be immune from the effects of this storm.
The degradation of the Puerto Rican debt comes after a series of unpleasant measures implemented by both the New Progressive Party and the Popular Democratic Party, which is currently in power. Among the measures implemented were the laying off thousands of public employees, the imposition of new taxes, and reform of the retirement systems. The Government Development Bank (BGF in Spanish) of Puerto Rico and the Department of Treasury issued a joint press release to calm the concerns of the public, but especially of investors:
Si bien estamos decepcionados con la decisión de Standard & Poor’s, seguimos comprometidos con la implantación de nuestros planes fiscales y de desarrollo económico. Creemos que la comunidad inversora reconocerá oportunamente el impacto positivo de las reformas que la Administración [del Gobernador Alejandro] García Padilla ha implantado.
Entendemos que S&P reconoce los esfuerzos significativos de Puerto Rico hasta la fecha para enfrentar problemas estructurales de mucho tiempo, según queda demostrado por nuestra significativa reforma de retiro, el incrementar la independencia de una serie de corporaciones públicas y los recientes aumentos en los recaudos.
Estamos confiados en que tenemos a mano liquidez para satisfacer todas las necesidades de liquidez hasta fines del año fiscal, incluyendo cualquier necesidad de efectivo que surja como resultado de la decisión de hoy.
While we are disappointed with Standard & Poor’s decision, we remain committed to the implementation of our fiscal and economic development plans. We believe the investment community will recognize the positive impact of the reforms that the Garcia Padilla Administration has enacted in due course.
We appreciate that S&P recognizes the Commonwealth’s significant efforts to date to tackle long- term structural issues, demonstrated by our significant pension reform, increasing the independence of a number of public corporations, and recent revenue increases.
We are confident that we have the liquidity on hand to satisfy all liquidity needs until the end of the fiscal year, including any cash needs resulting from today’s decision.
However, Cate Long, market analyst of municipal bonds for the Reuters news agency, who has closely followed Puerto Rico’s situation during the past few years indicated:
For several months, there has been a climate of pessimism in Puerto Rico with regard to the economy, if Twitter comments serve as a barometer for the national mood:
Right now we all have better credit than our government…
The ‘junk’ is here, and now the situations is verrrrrrry bad…
Things have definitely gone to hell now.
Of course, there were also humorous comments amidst the preoccupation:
We announce that for now, we will not downgrade your tweets. But the outlook remains negative.
Janizabeth Sánchez produced a Storify [es]  with more Twitter reactions.
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New York Restaurant Offers 'Winter Games' Menu Targeting Russia's Anti-Gay Law 

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One New York eatery is making its stance on Russia's controversial "gay propaganda" law clear with a spirited new menu in time for the 2014 Winter Games.

Foley’s N.Y. Pub & Restaurant has introduced colorful menu items like "Putin's Poutine" (a popular Canadian dish featuring French fries with gravy and mozzarella cheese), a "Rainbow Russian Shot" featuring Skittles-infused vodka and "Curly Curling Fries."


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Puerto Rico Hinges on Offering...

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Bloomberg - ‎Feb 6, 2014‎
The U.S. commonwealth of 3.6 million people is set to issue bonds to help plug budget... Read More. The U.S. commonwealth of 3.6 million people is set to issue bonds to help plug budget deficits and stave off a deeper downgrade. Close. Close. Open.
Fox News Latino - ‎Feb 6, 2014‎
Puerto Rican officials on Wednesday rushed to propose new measures aimed at boosting the island's economy and appeasing bondholders a day after credit rating agency Standard & Poor's downgraded the U.S. territory's debt to "junk" status. Meanwhile ...
New York Times - ‎Feb 6, 2014‎
Standard & Poor's lowered Puerto Rico's credit rating to junk status on Tuesday, but on Wednesday, the market responded with barely a flinch. While prices of some of the island's bonds traded lower, there was nothing close to the kind of mass sell-off that ...
New York Times - ‎Feb 6, 2014‎
An abandoned house in Ponce, on Puerto Rico's southern coast. S.&P. Alvin Baez/Reuters An abandoned house in Ponce, on Puerto Rico's southern coast. S.&P. has cut the commonwealth's credit rating to junk. Investors' faith in Puerto Rico's debt appeared ...
Bloomberg - ‎Feb 6, 2014‎
Feb. 6 (Bloomberg) -- Bloomberg Economics Editor Michael McKee examines Puerto Rico's economic troubles and its importance to U.S. markets on Bloomberg Television's “Bloomberg Surveillance.” Please enable JavaScript to view the comments powered ...
<a href="" rel="nofollow"></a> - ‎Feb 6, 2014‎
We wrote earlier this week about what investors expected if and when Puerto Rico's municipal debt was downgraded to "junk" status. Now that the downgrade has happened, what are bond investors doing to take advantage of the market weakness?
The Australian Financial Review - ‎Feb 5, 2014‎
Standard & Poor's cut Puerto Rico's credit rating to junk status, in the latest blow to an economy that has been battling chronic recession. Photo: Reuters. Investors including BlackRock and Vanguard Group say Puerto Rico's finances hinge on its ability to carry ...
Reuters - ‎Feb 5, 2014‎
NEW YORK Feb 5 (Reuters) - Puerto Rico will face trouble selling bonds after Standard & Poor's cut its credit rating to junk status, spelling possible trouble for the cash-strapped U.S. territory as it tries to push ahead with debt deals worth as much as $2 billion, ...
Reuters - ‎Feb 5, 2014‎
Feb 5 (Reuters) - Puerto Rico is teeing up sizeable debt deals that may include securities from an untested borrowing agency, financial industry sources said, a move that could take on new urgency after Standard & Poor's cut the island's credit rating to junk.
Reuters Blogs (blog) - ‎Feb 5, 2014‎
Welcome to the Counterparties email. The sign-up page is here, it's just a matter of checking a box if you're already registered on the Reuters website. Send suggestions, story tips and complaints to <a href=""></a>. Yesterday in forgone ...
Reuters Blogs (blog) - ‎Feb 5, 2014‎
Ryan McCarthy has a good round-up of Puerto Rico's debt problems, which have now been exacerbated by S&P downgrading the island's bonds to junk status. (Moody's and Fitch are certain to do so as well, in short order.) For a good one-stop overview of ...
AFP - ‎Feb 5, 2014‎
San Juan — Puerto Rico said Wednesday it would further reduce its deficit and seek to renegotiate some of its debt, a day after seeing its credit rating cut to junk status. Responding to new pressure on its finances, Governor Alejandro Garcia Padilla ...
Bloomberg - ‎Feb 5, 2014‎
This man's job just got harder: He's Puerto Rican Governor Alejandro Garcia Padilla,... Read More. This man's job just got harder: He's Puerto Rican Governor Alejandro Garcia Padilla, and the island's debt has just been downgraded to junk. Photograph by ...
Reuters - ‎Feb 5, 2014‎
NEW YORK Feb 5 (Reuters) - Puerto Rico's governor on Wednesday said he will renegotiate loans requiring accelerated payments of as much as $940 million because the heavily indebted Caribbean island lost its investment-grade credit rating. Gov.
Wall Street Journal - ‎Feb 5, 2014‎
Puerto Rico's bonds inched higher a day after Standard & Poor's cut the island's credit rating to junk status, as some buyers are relieved to have the event behind them, according to traders and investors. "The markets can now trade without the heavy weight of ...
Wall Street Journal (blog) - ‎Feb 5, 2014‎
One muni bond analyst came out swinging after S&P downgraded the credit rating of Puerto Rico to junk status and warned that the island nation could see its debt rating cut further in the next few months. “The action appears to be driven by S&P's concern ...
San Francisco Chronicle - ‎Feb 5, 2014‎
(Updates with investor comment under heading 'Deal Hinge.' Feb. 5 (Bloomberg) -- Yields on some Puerto Rico bonds fell to a two-month low as investors said yesterday's cut to junk status spurred buyers who had been delaying purchases in anticipation of a ...
Daily Times - ‎Feb 5, 2014‎
WASHINGTON: Standard & Poor's on Tuesday cut the debt rating of Puerto Rico to junk status, saying the US territory is facing a liquidity squeeze due to high debts and a high deficit. S&P lowered Puerto Rico's rating by one step to the “speculative” grade of ...
Wall Street Journal - ‎Feb 5, 2014‎
Puerto Rico has shown the "political will" to tackle its financial problems, but more must still be done, a U.S. Treasury spokesperson said. Tourists in January walk near the 16th century Spanish fort called El Morro in Old San Juan, Puerto Rico. Associated ...
Businessweek - ‎Feb 5, 2014‎
A vacant building on Nov. 12, 2013 in the Santurce neighborhood of San Juan, Puerto Rico. Photographer: Christopher Gregory/Getty Images. Standard & Poor's cut Puerto Rico to junk yesterday, catching up with investors in the $3.7 trillion municipal market ...
NPR (blog) - ‎Feb 5, 2014‎
A day after S&P downgraded Puerto Rico's credit rating to junk status, the White House said it was not contemplating a bailout for the island. Reuters reports: "A White House spokeswoman declined to comment about the S&P move specifically but said the ...
Huffington Post - ‎Feb 5, 2014‎
SAN JUAN, Puerto Rico (AP) — Puerto Rican officials on Wednesday rushed to propose new measures aimed at boosting the island's economy and appeasing concerned bondholders a day after credit rating agency Standard & Poor's downgraded the U.S. ...
Financial Times - ‎Feb 5, 2014‎
A strong rally in municipal bonds at the start of the year may stall in the aftermath of Puerto Rico's downgrade to junk status by Standard & Poor's, analysts said on Wednesday. After losses and massive redemptions in 2013, bonds sold by states and ...
Slate Magazine (blog) - ‎Feb 5, 2014‎
Despite the bosses' continued refusal to send me on a winter reporting trip to Puerto Rico, the economic and finance situation there continues to roll downhill as S&P downgrades Puerto Rico's bonds to junk status. The big problem for Puerto Rico right now is ...
Christian Science Monitor - ‎Feb 5, 2014‎
Puerto Rico's governor says he is renegotiating the payment of short-term debt and has ordered all government agencies to reduce their current budgets by 2 percent after the island's credit rating was downgraded to junk status. Skip to next paragraph.
Reuters - ‎Feb 5, 2014‎
NEW YORK Feb 5 (Reuters) - Puerto Rico bond prices were mixed on Wednesday, with some issues slumping and others perking up from lows touched after Standard & Poor's knocked the Caribbean island's overall credit rating into junk-bond territory.
Reuters - ‎Feb 5, 2014‎
WASHINGTON Feb 5 (Reuters) - The White House said on Wednesday it was still not considering a bailout for Puerto Rico after Standard & Poor's on Tuesday cut its credit rating to junk status. A White House spokeswoman declined to comment about the ...
USA TODAY - ‎Feb 5, 2014‎
Standard and Poor's lowered the debt of Puerto Rico to junk status Tuesday, making it more difficult for the cash-strapped island to raise money. S&P downgraded Puerto Rican debt from to BB+ from BBB- with negative implications, meaning that further ...
CBS News - ‎Feb 5, 2014‎
A worker sweeps up litter on November 14, 2013 in San Juan, Puerto Rico. The Government remains the largest employer in Puerto Rico and can only service about 11 percent of the pension costs out of its budget. Christopher Gregory, Getty Images. Shares.
Forbes - ‎Feb 5, 2014‎
UBS Puerto Rico bond investors better look out; the giant investment bank's research analysts just dropped the first shoe on your heads. Last week, UBS issued a report stating that at least one of the Big 3 rating agencies, Moody's, Fitch or Standard & Poor's, ...
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