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Gov.-elect travels to New York, Washington, D.C.

By on November 15, 2016

Gov. Alejandro García Padilla and Gov.-elect Ricardo Rosselló met on Thursday for the first time following the elections. They discussed the transition process. (CB photo/Cindy Burgos)

Gov. Alejandro García Padilla and Gov.-elect Ricardo Rosselló (CB photo/Cindy Burgos)

SAN JUAN – Gov.-elect Ricardo Rosselló traveled to New York and Washington, D.C., Tuesday afternoon to meet representatives of credit-rating agencies, as well as creditors who own part of the island’s $70 billion debt.

He will also meet with Treasury Department officials and members of the Congressional Task Force on Economic Growth created by the Puerto Rico Oversight, Management and Economic Stability Act (Promesa).

The meetings will take place in the next two days, before the third official meeting of the Financial Oversight & Management Board established by Promesa, which is slated for Friday at the El Conquistador Resort in Fajardo. The board will meet with Rosselló Friday afternoon to discuss, among other things, possible changes to the fiscal plan presented by outgoing Gov. Alejandro García Padilla.

“I leave…to have a series of meetings with both creditors and credit-rating agencies to establish to the whole world that Puerto Rico has a new direction, that we want to sit down at the table, that we want to be transparent,” the governor-elect told reporters in an aside at a hotel in San Juan.

Rosselló explained that the meetings take following his technical team having met with García Padilla’s advisers Tuesday morning and receiving input regarding the island’s fiscal situation, to “allow us to have a renegotiation [of the debt] that benefits the people of Puerto Rico.”

Among the creditors with whom he will meet, the governor-elect highlighted the Bonistas del Patio group. He will also visit creditors who hold general obligation and Sales Tax Financing Corp. (Cofina by its Spanish acronym) bonds. In addition, he will meet with House Speaker Paul Ryan.

With these first meetings with creditors, Rosselló hopes the renegotiation of the debt can be advanced, especially that related to two of the 18 credits he promised to renegotiate before February in order to regain access to the markets.

“My expectation is to [renegotiate two credits] before [Feb. 17], but better there must be better conditions for the people of Puerto Rico. We have an opportunity to do this,” Rosselló added.

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