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Home > Investor Resources > Tax-Exempt Securities by Issuer > Commonwealth of Puerto Rico
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Commonwealth of Puerto Rico


Coat of Arms: Commonwealth of Puerto Rico

Website: http://www.gobierno.pr


Credit Ratings


 
Moody's
Standard & Poor's
Fitch
General Obligation Bonds
Caa3
D
D

arrow Standard and Poor's Historical Ratings
arrow Moody's Investors Service Historical Ratings
arrow Fitch Ratings Historical Ratings

 

Credit Rating Reports on the Commonwealth

arrow Fitch Ratings - Fitch Downgrades Puerto Rico's IDR and Related Ratings to 'C'; Maintains Rating Watch Negative - June 24, 2016
arrow S&P's Ratings Direct - Puerto Rico Tax-Backed Debt Downgraded To 'CC' From 'CCC-' Following Release of Fiscal Commission Report - September 10, 2015
arrow Moody's Rating Action - Moody's downgrades Puerto Rico GOs and COFINA Sr Bonds to Caa3 from Caa2; outlook negative - July 1, 2015
arrow Fitch Ratings - Fitch Downgrades Puerto Rico's GO and Related Ratings to 'CC'; Maintains Rating Watch Negative - June 29, 2015
arrow S&P's Ratings Direct - Puerto Rico GO Rating Lowered To 'CCC-' From 'CCC+'; Outlook Is Negative On Likelihood Of Default Or Distressed Exchange - June 29, 2015
 
View prior reports from Credit Rating Agencies
 

Security

Public Improvement Bonds are general obligations of the Commonwealth for the payment of which the good faith, credit and taxing power of the Commonwealth have been pledged. Their payment constitutes a first charge on all available revenues of the Commonwealth. Commonwealth law provides for a special sinking fund for the orderly payment of debt service on these bonds. The Commonwealth also has outstanding Tax and Revenue Anticipation Notes, payable solely from taxes and revenues in the General Fund collected after the issuance of these notes and prior to the end of the fiscal year for which they were issued. Neither the good faith, nor credit, nor taxing power of the Commonwealth is pledged for the payment of the debt service of these notes. The Commonwealth has a broad-based revenue structure. Leading sources of tax revenues are personal and business income taxes, sales and use taxes, excise taxes on consumption articles, property taxes, and Federal excise taxes on liquor exports that are returned to the Commonwealth Treasury. Puerto Rico also receives Federal grants for various government programs.

Functions

The Commonwealth government assumes responsibility for police and fire protection, education, public health and welfare programs and economic development, and supervises municipal fiscal affairs. The Constitution of the Commonwealth provides that no additional direct debt may be issued or additional guarantees extended if the principal and interest payments for general obligation bonds and notes due in any fiscal year, together with any amount paid by the Commonwealth in respect to its guarantees in the preceding fiscal year, exceed 15 percent of the average annual general revenues of the Commonwealth for the two preceding years. This debt limitation has never been reached.

Financial Statements Audited by:

KPMG LLP

 

Financial Statements and Reports

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Commonwealth of Puerto Rico Basic Financial Statements and Required Supplementary

Information as of June 30, 2014

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Commonwealth of Puerto Rico Financial Information and Operating Data Report as of
November 6, 2015

 

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Official Statements

 
2011-2015
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Commonwealth of Puerto Rico - $3,500,000,000
General Obligation Bonds of 2014, Series A

March 11, 2014

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Commonwealth of Puerto Rico - $2,318,190,000
Public Improvement Refunding Bonds, Series 2012 A
(General Obligation Bonds)

March 7, 2012

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Commonwealth of Puerto Rico - $415,270,000
Public Improvement Refunding Bonds, Series 2012 B
(General Obligation Bonds)

March 7, 2012

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Supplement to Official Statement dated June 29, 2011 relating to $602,105,000 Commonwealth of Puerto Rico
$304,000,000 Public Improvement Bonds of 2011

$52,190,000 Public Improvement Refunding Bonds, Series 2011 D

$245,915,000 Public Improvement Refunding Bonds, Series 2011 E
(General Obligation Bonds)
July 11, 2011

arrow Commonwealth of Puerto Rico - $188,710,000
Public Improvement Refunding Bonds, Sub-Series 2003 C-5-2
(General Obligation Bonds)
June 16, 2011
arrow Commonwealth of Puerto Rico - $442,015,000
Public Improvement Refunding Bonds, Series 2011 C
(General Obligation Bonds)
March 10, 2011
arrow Commonwealth of Puerto Rico - $356,520,000
Public Improvement Refunding Bonds, Series 2011 A
(General Obligation Bonds)
February 10, 2011

2006-2010
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arrow Commonwealth of Puerto Rico - $210,250,000
Public Improvement Refunding Bonds, Series 2009 C
(General Obligation Bonds)
December 3, 2009
arrow Commonwealth of Puerto Rico - $372,685,000
Public Improvement Refunding Bonds, Series 2009 B
(General Obligation Bonds)
November 4, 2009
arrow Commonwealth of Puerto Rico - $3,425,000
Public Improvement Refunding Bonds, Series 2009 A
(General Obligation Bonds)
September 11, 2009
arrow Commonwealth of Puerto Rico - $93,835,000
Public Improvement Refunding Bonds, Series 2007 A-4
(General Obligation Bonds)
September 11, 2009
arrow Commonwealth of Puerto Rico - $887,675,000
Tax and Revenue Anticipation Notes
Series 2009A (Consisting of Subseries 2009A1- 2009A4)
November 7, 2008
arrow Commonwealth of Puerto Rico - $250,000,000
Public Improvement Bonds
Series 2008A
(General Obligation Bonds)
September 5, 2008
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Supplement, dated May 7, 2008, to Official Statement, dated April 25, 2008, relating to $190,135,000 Commonwealth of Puerto Rico
Public Improvement Refunding Bonds, Series 2008 C

(General Obligation Bonds)
May 7, 2008

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Supplement, dated May 7, 2008, to Official Statement, dated April 25, 2008, relating to $908,990,000 Commonwealth of Puerto Rico
$735,015,000 Public Improvement Refunding Bonds, Series 2008 A

$173,975,000 Public Improvement Refunding Bonds, Series 2008 B

(General Obligation Bonds)
May 7, 2008

arrow Commonwealth of Puerto Rico
Public Improvement Refunding Bond
$50,000,000 Series 2007A-6
$50,000,000 Series 2007A-7
$50,000,000 Series 2007A-8
$50,000,000 Series 2007A-9
(General Obligation Bonds)
May 7, 2008

arrow Commonwealth of Puerto Rico - $1,010,000,000
Tax and Revenue Anticipation Notes, Series 2008
October 18, 2007
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Supplement, dated October 16, 2007, to Official Statement, dated October 3, 2007, relating to $926,570,000 Commonwealth of Puerto Rico
Public Improvement Refunding Bonds, Series 2007 A

(General Obligation Bonds)
October 16, 2007

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Commonwealth of Puerto Rico - $408,800,000
Public Improvement Bonds of 2007, Series A
(General Obligation Bonds)

September 19, 2007

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Commonwealth of Puerto Rico - $91,200,000
Public Improvement Bonds of 2007, Series B
(General Obligation Bonds)

September 19, 2007

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Commonwealth of Puerto Rico - $875,000,000
Tax and Revenue Anticipation Notes, Series 2007

October 19, 2006

arrow Commonwealth of Puerto Rico - $190,360,000
$126,870,000 Public Improvement Bonds of 2006, Series C
$24,500,000 Public Improvement Bonds of 2006, Series D
$38,990,000 Public Improvement Refunding Bonds, Series 2006 C
(General Obligation Bonds)
August 17, 2006

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Commonwealth of Puerto Rico - $39,380,000
Public Improvements Bonds of 2006, Series B
(General Obligation Bonds)

August 8, 2006

arrow Commonwealth of Puerto Rico - $835,650,000
$500,000,000 Public Improvement Bonds of 2006, Series A
$335,650,000 Public Improvement Refunding Bonds, Series 2006 B
(General Obligation Bonds)
August 2, 2006

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Supplement to Official Statement - Commonwealth of Puerto Rico - $101,695,000
Public Improvement Refunding Bonds, Series 2006 A

(General Obligation Bonds)

June 26, 2006


2001-2005
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arrow Commonwealth of Puerto Rico - $1,042,500,000
Tax and Revenue Anticipation Notes, Series 2006
December 22, 2005

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Commonwealth of Puerto Rico - $440,460,000
Public Improvement Bonds of 2005, Series A
(General Obligation Bonds)

September 24, 2004

arrow Commonwealth of Puerto Rico - $93,790,000
Public Improvement Bonds of 2005, Series B
(General Obligation Bonds)
September 24, 2004

arrow Commonwealth of Puerto Rico - $800,000,000
Tax and Revenue Anticipation Notes, Series 2005
September 24, 2004
arrow Commonwealth of Puerto Rico - $727,115,000
$279,240,000 Public Improvement Refunding Bonds, Series 2004 A
$447,875,000 Public Improvement Refunding Bonds, Series 2004 B
(General Obligation Bonds)
April 30, 2004

arrow Commonwealth of Puerto Rico - $234,155,000
$40,000,000 Public Improvement Bonds of 2003, Series B
$82,825,000 Public Improvement Bonds of 2004, Series B
$111,330,000 Special Obligation Bonds, Series 2003
(General Obligation Bonds)
November 13, 2003

arrow Commonwealth of Puerto Rico - $457,175,000
Public Improvement Bonds of 2004, Series A
(General Obligation Bonds)
October 13, 2003

arrow Commonwealth of Puerto Rico - $800,000,000
Tax and Revenue Anticipation Notes, Series 2004
October 3, 2003

arrow Commonwealth of Puerto Rico - $1,018,605,000
$360,000 Public Improvement Refunding Bonds, Series 2003 B
$1,018,245,000 Public Improvement Refunding Bonds, Series 2003 C
(General Obligation Bonds)
April 16, 2003
arrow Commonwealth of Puerto Rico - $800,000,000
Tax and Revenue Anticipation Notes, Series 2003
September 25, 2002

arrow Commonwealth of Puerto Rico - $89,610,000
Public Improvement Refunding Bonds, Series 2003 A
(General Obligation Bonds)
August 2, 2002
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Commonwealth of Puerto Rico - $555,295,000
$460,000,000 Public Improvement Bonds of 2003, Series A
$95,295,000 Public Improvement Refunding Bonds, Series 2003
(General Obligation Bonds)

July 18, 2002

arrow Commonwealth of Puerto Rico - $1,292,960,000
$455,000,000 Public Improvement Bonds of 2002, Series A
$837,960,000 Public Improvement Refunding Bonds, Series 2002 A
(General Obligation Bonds)
October 11, 2001

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Commonwealth of Puerto Rico - $800,000,000
Tax and Revenue Anticipation Notes, Series 2002

October 5, 2001

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Commonwealth of Puerto Rico - $1,249,770,000
$274,135,000 Public Improvement Bonds of 2001, Series A

$136,835,000 Public Improvement Bonds of 2001, Series B
$337,235,000 Public Improvement Refunding Bonds, Series 2001

$501,565,000 Public Improvement Refunding Bonds, Series 2002
(General Obligation Bonds)
May 24, 2001


1995-2000
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Commonwealth of Puerto Rico - $530,910,993.00
$475,000,000 Public Improvement Bonds of 2000

$55,910,993.15 Public Improvement Refunding Bonds, Series 2000

(General Obligation Bonds)
March 17, 2000

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Commonwealth of Puerto Rico - $587,730,000
$475,000,000 Public Improvement Bonds of 1999

$112,730,000 Public Improvement Refunding Bonds, Series 1999

(General Obligation Bonds)
December 3, 1998

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Commonwealth of Puerto Rico - $538,500,000
$500,000,000 Public Improvement Bonds of 1998

$38,500,000 Public Improvement Refunding Bonds, Series 1998B

(General Obligation Bonds)

April 2, 1998

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Commonwealth of Puerto Rico - $503,963,264.10
Public Improvement Refunding Bonds, Series 1998

(General Obligation Bonds)

January 15, 1998

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Commonwealth of Puerto Rico - $407,595,000

$57,155,000 Public Improvement Refunding Bonds, Series 1996

$350,440,000 Public Improvement Bonds of 1996

(General Obligation Bonds)

January 18, 1996

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Commonwealth of Puerto Rico - $415,180,000

$90,180,000 Public Improvement Refunding Bonds, Series 1995

$325,000,000 Public Improvement Bonds of 1995

(General Obligation Bonds)

April 20, 1995

 

Bond Resolutions

arrow Commonwealth of Puerto Rico Bond Resolution, adopted March 11, 2014, Authorizing and Securing $3,500,000,000 Commonwealth of Puerto Rico General Obligation Bonds of 2014, Series A
arrow Commonwealth of Puerto Rico Bond Resolution, adopted March 7, 2012, Authorizing and Securing $2,318,190,000,000 Commonwealth of PR Public Improvement Refunding Bonds, Series 2012 A, and $415,270,000 Commonwealth of PR Public Improvement Refunding Bonds, Series 2012 B
arrow Commonwealth of Puerto Rico Bond Resolution, adopted December 3, 2009, Authorizing and Securing $210,250,000 Commonwealth of PR Public Improvement Refunding Bonds, Series 2009 C
arrow Commonwealth of Puerto Rico Bond Resolution, adopted March 17, 2000, Authorizing and Securing $475,000,000 Commonwealth of PR Public Improvement Refunding Bonds of 2000
 
 
Fiscal Agency and Financial Advisory Authority Contact
Ana E. Torres
Vice President

Director of General Obligations Financing
General Obligations Department
Tel. (787) 722-2525 x-15262
Fax (787) 721-0540
Email: Ana.E.Torres@aafaf.pr.gov

 
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