Moody's slices Puerto Rico debt to junk

Moody’s Investors Service on Friday cut Puerto Rico’s credit rating to junk status, two days after Standard & Poor’s made the same call on the troubled Caribbean island.

In a statement, Moody's said Puerto Rico “is no longer consistent with investment grade characteristics," according to Fox News.

“The problems that confront the commonwealth are many years in the making, and include years of deficit financing, pension underfunding, and budgetary imbalance, along with seven years of economic recession,” Moody’s said.

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