ข่าวประชาสัมพันธ์การเงิน/หลักทรัพย์

Puerto Rico Sales Tax Financing Corp Subordinated Sales Tax Bonds Downgraded To ‘D’ From ‘CC’ On Missed Interest Payment

          NEW YORK (S&P Global Ratings) June 13, 2017--S&P Global Ratings has lowered its rating on Puerto Rico Sales Tax Financing Corp.'s (COFINA) subordinated sales tax bonds to 'D' from 'CC' on nondisbursement by the trustee of scheduled monthly interest payments due June 1, 2017, in compliance with an order of the U.S. District Court for the District of Puerto Rico. 
          On May 30, the court ordered the trustee to interplead future payments of principal and interest on both the senior and subordinated COFINA sales tax bonds by holding those funds in their existing accounts until a final order of the court has been entered directing the timing and manner of disbursement of funds.
          At this time, the court's order has only affected the disbursement of interest payments on the COFINA sales tax bonds that require current monthly interest payments; principal payments on certain of the COFINA sales tax bonds are due Aug. 1, 2017. "We understand that the trustee holds funds sufficient to make debt service payments through at least Aug. 1, 2017, on both the senior and subordinated sales tax bonds," said S&P Global Ratings credit analyst David Hitchcock.
          "However, due to disputes between senior and subordinate bondholders regarding the application of funds held by the trustee and a dispute between the trustee and COFINA as to whether an event of default has occurred, the court has stayed all claims to the funds pending a further order of the court," Mr. Hitchcock added.
          An acceleration, if determined by the court to have occurred and/or permitted by the court under applicable law, could potentially affect relative recovery between senior and subordinated bondholders.
          All parties claiming a right to the disputed funds are required to assert their rights to the funds in the court proceeding.
          Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria.
          Please see Ratings Criteria at www.standardandpoors.com for further information.
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          All ratings affected by this rating action can be found on the S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box located in the left column.