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Home > Investor Resources > Tax-Exempt Securities by Issuer > Puerto Rico Industrial, Tourist, Educational, Medical, and Environmental Control Facilities Financing Authority

Puerto Rico Industrial, Tourist, Educational, Medical, and Environmental Control Facilities Financing Authority (AFICA)

A GDB Affiliate




Since its inception date AFICA has issued $6.2 billion in bonds and as of June 30, 2011 there were $1.4 billion in AFICA bonds outstanding. The bonds are limited obligations of AFICA, and except to the extent payable from bond proceeds and the investment thereof, are payable solely from and secured by pledges and assignments of the amounts payable under financing agreements between AFICA and the borrowers. AFICA bonds may be additionally secured by the guarantee of the borrower's parent, or by a letter of credit, in the case of medical facilities, by Federal Housing Administration (FHA) Insurance from which each bond issue gets its rating.


AFICA, a Government Development Bank affiliate, is a public corporation created under Act 121 of the Legislature of Puerto Rico, approved on June 27, 1977, to provide financing for the acquisition, construction, and equipping of industrial, tourist, medical, educational, pollution control and solid waste disposal facilities through the issuance of private activity revenue bonds by acting as conduit issuer.

Credit Ratings

  • AFICA does not receive credit rating since it acts as a conduit issuer for the benefit of private entities. Hence, for each bond issue placed through AFICA the borrower is rated according to its financial qualifications and the guarantees for that particular issue.

Financial Statements audited by:


arrow June 30, 2013

GDB Contact
José R. Coleman-Tió, Esq.
Executive Director, AFICA
Tel. (787) 722-2525 x-15410
Fax (787) 723-7388
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