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Home > Investor Resources > Tax-Exempt Securities by Issuer > Puerto Rico Sales Tax Financing Corporation

Puerto Rico Sales Tax Financing Corporation (COFINA)

Puerto Rico Sales Tax Financing Corporation

 

Credit Ratings

 
Moody's
Standard & Poor's
   Fitch

Sales Tax Revenue Bonds:

- Senior Lien
Ba3
BBB
BB-
- First Subordinate Lien
B1
BBB-
BB-
 
 

Credit Rating Reports on COFINA

Go to Commonwealth section to access other credit rating reports affecting COFINA debt
   
Fitch – November 14, 2013
Moody's – October 3, 2013
Standard & Poor’s – October 1, 2013

View prior reports from Credit Rating Agencies

Sales and Use Tax Data Center

Monthly Distribution of Total SUT Collections

Security

COFINA issued Puerto Rico Sales Tax Revenue Bonds to provide funds for the Commonwealth of Puerto Rico to repay certain debt obligations to the GDB and PFC. The bonds, issued under resolutions adopted by COFINA's board of directors will be payable from and secured by a security interest created by the Resolution in a specified portion of the newly created sales tax ("Pledged Sales Tax"). Legislation enacted in 2006 approved for the first time in Puerto Rico a sales and use tax of 5.5% for the benefit of the central government and a separate 1.5% for the benefit of municipalities of Puerto Rico. Act 91 also created a Dedicated Sales Tax Fund, to be held and owned by COFINA separate and apart from the central government's General Fund, and provided, among other things, that each fiscal year the first receipts of the Commonwealth's Sales Tax, in the amount specified in the law, be deposited in this special Dedicated Fund and applied to the payment of the Sales Tax Revenue Bonds.

Functions

The Puerto Rico Sales Tax Financing Corporation (by its Spanish acronym, COFINA) is an independent instrumentality of the Commonwealth of Puerto Rico, created by Act No. 91 of May 13, 2006, as amended, for the specific purpose of financing the payment, retirement or defeasance of certain debt obligations of the Commonwealth of Puerto Rico outstanding as of June 30, 2006, which were payable to the GDB and the Puerto Rico Public Finance Corporation (PFC) and were previously payable solely from government budgetary appropriation. COFINA provided a definite and secure repayment mechanism of some $6.8 billion in debt that previously lacked a source of repayment.

Trustees Under the Trust Indenture:
Bank of New York

Financial Statements Audited by:
KPMG LLP

AUDITED FINANCIAL STATEMENTS

June 30, 2013
 
 

Opinions

Opinion from Bond Counsel in connection with COFINA issuance of Sales Tax Revenue Bonds, Senior Series 2011C and 2011D

December 13, 2011

Opinion from Underwriters' Counsel in connection with COFINA issuance of Sales Tax Revenue Bonds, Senior Series 2011C and 2011D

December 13, 2011

Opinion of Secretary of Justice of the Commonwealth in connection with COFINA issuance of Sales Tax Revenue Bonds, Senior Series 2011C and 2011D

December 13, 2011

 

 

Official Statements

Puerto Rico Sales Tax Financing Corporation - $91,155,000
Sales Tax Revenue Bonds, Senior Series 2011D

December 1, 2011

Puerto Rico Sales Tax Financing Corporation - $1,006,474,702
Sales Tax Revenue Bonds, Senior Series 2011C

December 1, 2011

Puerto Rico Sales Tax Financing Corporation - $45,620,000
Sales Tax Revenue Bonds, First Subordinate Series 2011B

November 16, 2011

Puerto Rico Sales Tax Financing Corporation - $734,795,573.95

Sales Tax Revenue Bonds, First Subordinate Series 2011A

$397,758,386.20 Series 2011A-1
$337,037,187.75 Series 2011A-2

November 16, 2011

Puerto Rico Sales Tax Financing Corporation - $182,190,000
$89,435,000 Sale Tax Revenue Bonds, First Subordinate Series 2010D
$92,755,000 Sale Tax Revenue Bonds, First Subordinate Series 2010E
June 24, 2010
Puerto Rico Sales Tax Financing Corporation - $1,619,404,596.60
Sale Tax Revenue Bonds, First Subordinate Series 2010C
June 24, 2010
Puerto Rico Sales Tax Financing Corporation - $1,823,757,271.30
Sale Tax Revenue Bonds, First Subordinate Series 2010A
January 28, 2010
Sales Tax Revenue Bonds
First Subordinate 2009B
June 19, 2009
Puerto Rico Sales Tax Financing Corporation $237,875,000
Sales Tax Revenue Bonds
Senior Series 2009C
June 10, 2009
Puerto Rico Sales Tax Financing Corporation $4,118,153,700
Sales Tax Revenue Bonds
First Subordinate Series 2009A
June 10, 2009
Puerto Rico Sales Tax Financing Corporation - $737,046,992.35
Sales Tax Revenue Bonds
Series 2008A
June 25, 2008
Puerto Rico Sales Tax Financing Corporation - $499,996,627.90
Sales Tax Revenue Bonds
Series 2007C
December 18, 2007
Puerto Rico Sales Tax Financing Corporation - $1,333,101,779.90
Sales Tax Revenue Bonds
Series 2007B
July 17, 2007
Puerto Rico Sales Tax Financing Corporation - $2,667,603,572.60
Sales Tax Revenue Bonds
Series 2007A
July 13, 2007

 

BOND RESOLUTIONS

Eighteenth Supplemental Sales Tax Revenue Bond Resolution, authorizing Sales Tax Revenue Bonds, First Subordinate Series 2011A, consisting of First Subordinate Series 2011-A1 and First Subordinate Series 2011A-2, Resolution 2011-07, Adopted on November 16, 2011
Amended and Restated Sales Tax Revenue Bond Resolution, Adopted on July 13, 2007, as amended on June 10, 2009
First Supplemental Sales Tax Revenue Bond Resolution, authorizing Sales Tax Revenue Bonds Series 2007A, Adopted on July 13, 2007
 
 

GDB 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@bgf.gobierno.pr

COFINA Contact
José V. Pagán-Beauchamp
Executive Director, COFINA
Tel. (787) 722-2525 x-15414/15411
Fax (787) 723-7388

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