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Posted March 7, 2011 at PRFAA.com

Standard & Poor’s gives Island’s credit its first upgrade in 28 years; Business Monitor International improves its economic forecast for Puerto Rico

In what constitutes yet another endorsement of the Government of Puerto Rico’s management of its fiscal and economic agenda during the last two years, credit rating agency Standard & Poor’s has upgraded its rating for Puerto Rico’s general obligation debt improving it from BBB- to BBB, Governor Luis Fortuño and his economic and fiscal team announced today.

This is the first upgrade S&P has given Puerto Rico’s credit in 28 years.

“In our opinion, Puerto Rico continues to face significant fiscal and economic challenges. However, in the two years since his inauguration, the administration of Gov. Fortuño has made fiscal stability a priority…The fiscal measures adopted by the Fortuño administration, represent, in our opinion, a factor that lends near-term stability to the credit of the commonwealth, and that could yield the projected results by fiscal 2013 if the economy stabilizes and expenditure discipline is maintained,” states S&P in its report issued today. Read the rest of this entry »

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