Puerto Rico Public Buildings Authority

Website: http://www.aep.gobierno.pr

Credit Ratings

Credit Rating Reports on PBA

Go to Commonwealth section to access other credit rating reports affecting PBA debt     Standard & Poor's – June 6, 2012

Security

Revenue Bonds are issued to finance office buildings and other facilities, which are leased to various departments, public agencies and instrumentalities of the Commonwealth of Puerto Rico. They are payable from lease rentals derived from such facilities and are additionally secured by the Commonwealth of Puerto Rico's guarantee and by debt service reserves or other guarantees.

Public Education and Health Facilities Bonds are issued to finance public schools and hospitals and other health facilities, which are leased to the Department of Education and the Department of Health. They are payable from lease rentals derived from such facilities and are additionally secured by the Commonwealth's guarantee and by debt service reserves or other guarantees.

Government Facilities Revenue Bonds are issued to finance all the facilities under one resolution of bonds. They are payable from lease rentals derived from such facilities and are additionally secured by the Commonwealth's guarantee and by debt service reserves or other guarantees.

Pursuant to Act No. 17 of the Legislature of Puerto Rico, approved on April 11, 1968, as amended (the "Guarantee Act"), the Commonwealth guarantees, among other things, the payment of the principal of and interest on all the Public Buildings Authority Bonds. The Guaranty Act was amended by Act No. 321 of December 28, 2003 to increase the amount of the guaranty from $2,500,000,000 to $3,325,000,000.

Fiscal Agents Under the Bond Resolutions:

· Revenue Bonds
  U. S. Bank Trust National Association
  Banco Popular de Puerto Rico, San Juan, P.R.
· Public Education and Health Facilities Bonds
  The Bank of New York
· Government Facilities Revenue Bonds
  US Bank

Financial Statements Audited by:
Parissi, P.S.C.