Puerto Rico To Refund $1 Billion

D'Ambrosio, Gillian
April 2003
Bond Buyer;4/15/2003, Vol. 344 Issue 31615, p1
Trade Publication
The government of Puerto Rico has decided to price $ 1 billion in triple-tax-exempt refunding bonds, following the decision of rating agency Standard & Poor's Corp. to take the commonwealth off credit watch and assigned a negative outlook to its A-minus rating. Concerns over the pace of improving management controls in the government, expenditure overruns, and an unfunded pension liability totaling $8.2 billion prompted the rating agency to lower its outlook, said Parry Young, director of the state and local government group at Standard & Poor's. Lehman Brothers will be the lead underwriter for the refunding issue. Sidley Austin Brown & Wood LLP of New York will serve as bond counsel on the deal, according to a preliminary official statement dated April 7, 2003. The refunding represents about 84570360f the total debt of Puerto Rico's central government.


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