Puerto Rico junk rating may go lower if unable to raise funds-S&P

Reuters

NEW YORK (Reuters) - Ratings agency Standard & Poor's said Puerto Rico would keep its junk rating even if the U.S. territory is able to sell bonds in the coming weeks, and it could even see a further downgrade if it is unable to raise funds by the end of February.

"The current rating assumes they will be able to raise additional funding by end of February," said S&P analyst David Hitchcock in a conference call with investors on Tuesday.

The conference call came after S&P cut its credit rating on Puerto Rico, dropping the cash-strapped U.S. territory's debt to junk-bond status at BB-plus on concerns about its ability to access capital markets.

(Reporting by Edward Krudy; Editing by Chris Reese)

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