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Home > Investor Resources > Tax-Exempt Securities by Issuer > Puerto Rico Municipal Finance Agency

Puerto Rico Municipal Finance Agency (MFA)

- A GDB Affiliate -

Credit Ratings

Standard & Poor's
Underlying Rating

Credit Rating Reports on MFA

arrow Go to Commonwealth section to access other credit rating reports affecting MFA debt
arrow Standard & Poor’s – September 6, 2012

View prior reports from Credit Rating Agencies



The bonds are payable from the Agency's revenues and any money appropriated or transferred to the Agency by the Commonwealth of Puerto Rico. Revenues are derived mainly from principal and interest payments on municipal bonds purchased by the Agency. The Bondholders are also protected by a Reserve Fund which equals the maximum debt service payment of the bonds on any given year and moral obligation of the Commonwealth of Puerto Rico to restore amounts drawn from the Reserve Fund.


The Agency is a municipal bond bank, with the purpose of consolidating the credits and financing requirements of numerous municipalities.

Trustee Under the Trust Indenture:

2005, 2002, 1999, 1998, 1994, and 1992 Series A Bonds
Banco Popular de Puerto Rico, San Juan, PR
2005 Series A
US Bank, MN

Financial Statements Audited by:


Financial Statements

arrow June 30, 2014

Official Statements

arrow Puerto Rico Municipal Finance Agency - $730,835,000
$413,115,000 2005 Series A Bonds
$59,075,000 2005 Series B Refunding Bonds
$258,645,000 2005 Series C Refunding Bonds
December 9, 2005

arrow Puerto Rico Municipal Finance Agency - $510,615,000
2002 Series A Bonds
November 1, 2002

Puerto Rico Municipal Finance Agency - $857,670,000

$564,715,000 1999 Series A Bonds
$292,955,000 1999 Series B Refunding Bonds

December 1, 1999

arrow Puerto Rico Municipal Finance Agency - $274,785,000
$222,860,000 1997 Series A Bonds
$51,925,000 1997 Series B Refunding Bonds

April 10, 1997

GDB Contact
Enid López López
Director of Municipal Financing
Tel. (787) 722-2525 x-15230/15236
Fax (787) 721-9177
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Submitted before the State Electoral Commission on December 10, 2015. Case No. CEE-SA-16-217.