PROMESA leads to Fitch downgrade of Guam BPT bonds

HAGÅTÑA, Guam — Puerto Rico’s financial problems caused Fitch Ratings to downgrade the government of Guam’s outstanding Business Privilege Tax bonds from A- to BB, according to a Dec. 23 release from the Guam governor’s office.

The rating was not related to a change in Guam’s credit strength or any factor within Guam’s control, according to the governor’s office. It was prompted entirely by the federal Puerto Rico Oversight, Management and Economic Stability Act, which President Barack H. Obama II signed into law on June 30. Following the passage of the law, Fitch . . .

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