S&P Downgrades HTA Series 1998 Bonds to ‘D’
SAN JUAN – S&P Global Ratings has lowered its long-term rating and underlying rating on the Puerto Rico Highway and Transportation Authority’s subordinated transportation revenue bonds, series 1998, state infrastructure bank, to ‘D’ (default) from ‘CC’, following a default on scheduled debt service due July 1, 2016. These bonds were issued under a 1998 resolution, and had a debt service reserve held within the Puerto Rico State Infrastructure Bank Trust Fund.
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