Puerto Rico Facing $800M General Fund Gap, Moody's Says

Whalen, Robert
March 2005
Bond Buyer;3/2/2005, Vol. 351 Issue 32081, p31
Trade Publication
The article reports that, according to a report Moody's Investors Service Inc. published, Puerto Rico's fiscal 2005 general fund may face a gap of up to $800 million. The potential deficit will weigh on next year's budget as well, driving the projected fiscal 2006 gap up to an estimated $ 1.4 billion, Moody's analyst Tim Blake said. In addition to greater-than-expected spending, Puerto Rich officials had relied on a series of tax reforms--such as lowering the capital gains tax and relaxing restrictions on withdrawing funds from individual retirement accounts--to stimulate commerce and generate more tax revenue.


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