Puerto Rico To Announce Balanced Budget Plan

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PUERTO RICO GARCIA PADILLA
FILE - In this July 17, 2013 file photo, Puerto Rico?s Gov. Alejandro Garcia Padilla speaks during a news conference at the governor's executive mansion in San Juan, Puerto Rico. Garcia Padilla says he plans to boost the island's sluggish coffee industry by generating thousands new jobs and cultivating an additional 16,000 acres (6,400 hectares) in the next two years. (AP Photo/Ricardo Arduengo, File) | ASSOCIATED PRESS

Puerto Rican Governor Alejandro García Padilla plans to present Puerto Rico’s balanced budget plan a year early in response to the Switzerland-based financial services company UBS AG’s credit downgrade forecast.

“Given the myriad obstacles facing Puerto Rico, we believe that at least one rating agency will [downgrade Puerto Rico’s general-obligation bonds] within the next 30 days,” analysts Thomas McLoughlin and Kristin Stephens wrote in a report released last week.

Read the whole story at Americas Quarterly

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