Standard & Poor's Ratings Services placed its BB long-term rating on the University of Puerto Rico's (UPR) existing university system revenue bonds on CreditWatch with negative implications.
Some of these bonds were issued by the Puerto Rico Industrial, Tourist, Educational, Medical, & Environmental Control Facilities Finance Authority.
"This CreditWatch action follows our repeated attempts to obtain timely information of satisfactory quality to maintain our rating on the bonds in accordance with our applicable criteria and policies," said Standard & Poor's credit analyst Bianca Gaytan-Burrell.
If UPR officials fail to provide us with the requested information by Dec. 30, 2014, S&P will likely suspend the affected rating, preceded by, in accordance with its policies, any change to the rating it considers appropriate given the available information.
