Commonwealth of Puerto Rico
Website: http://www.gobierno.pr |
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Credit Ratings
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Moody's |
Standard & Poor's |
Fitch |
| General Obligation Bonds |
Caa3 |
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Credit Rating Reports on the Commonwealth
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| View prior reports from Credit Rating Agencies |
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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
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Financial Statements and Reports |
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Official Statements |
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| 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 |
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Commonwealth of Puerto Rico - $188,710,000
Public Improvement Refunding Bonds, Sub-Series 2003 C-5-2
(General Obligation Bonds)
June 16, 2011 |
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Commonwealth of Puerto Rico - $442,015,000
Public Improvement Refunding Bonds, Series 2011 C
(General Obligation Bonds)
March 10, 2011 |
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Commonwealth of Puerto Rico - $356,520,000
Public Improvement Refunding Bonds, Series 2011 A
(General Obligation Bonds)
February 10, 2011 |
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| 2006-2010
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Commonwealth of Puerto Rico - $210,250,000
Public Improvement Refunding Bonds, Series 2009 C
(General Obligation Bonds)
December 3, 2009 |
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Commonwealth of Puerto Rico - $372,685,000
Public Improvement Refunding Bonds, Series 2009 B
(General Obligation Bonds)
November 4, 2009 |
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Commonwealth of Puerto Rico - $3,425,000
Public Improvement Refunding Bonds, Series 2009 A
(General Obligation Bonds)
September 11, 2009 |
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Commonwealth of Puerto Rico - $93,835,000
Public Improvement Refunding Bonds, Series 2007 A-4
(General Obligation Bonds)
September 11, 2009 |
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Commonwealth of Puerto Rico - $887,675,000
Tax and Revenue Anticipation Notes
Series 2009A (Consisting of Subseries 2009A1- 2009A4)
November 7, 2008 |
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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 |
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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
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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
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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 |
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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 |
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| 2001-2005
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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
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Commonwealth of Puerto Rico - $93,790,000
Public Improvement Bonds of 2005, Series
B
(General Obligation Bonds)
September 24, 2004
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Commonwealth of Puerto Rico - $800,000,000
Tax and Revenue Anticipation
Notes, Series 2005
September 24, 2004 |
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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
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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
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Commonwealth of Puerto Rico - $457,175,000
Public Improvement Bonds of 2004, Series
A
(General Obligation Bonds)
October 13, 2003
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Commonwealth of Puerto Rico - $800,000,000
Tax and Revenue Anticipation Notes, Series 2004
October 3, 2003
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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 |
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Commonwealth of Puerto Rico - $800,000,000
Tax and Revenue Anticipation Notes,
Series 2003
September 25, 2002
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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 |
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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 |
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| 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 |
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Bond Resolutions |
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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
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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
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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
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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
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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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