Puerto Rico Public Finance Corporation (PFC)

Credit Ratings

Credit Rating Reports on PFC

Go to Commonwealth section to access other credit rating reports affecting PFC debt     Standard & Poor's - August 3, 2015 Standard & Poor's - July 20, 2015 Standard & Poor's - June 6, 2012

Security

The Puerto Rico Public Finance Corporation (PFC) is a subsidiary corporation of GDB created pursuant to Resolution 5044 of the Board of Directors of GDB. As of June 30, 2013, PFC had approximately $1.1 billion in special appropriation bonds outstanding. The special appropriation bonds are special and limited obligations of the Corporation and, except to the extent payable from bond proceeds and investments thereof, are payable solely from legislative appropriations provided by the Legislature of the Commonwealth of Puerto Rico.

Functions

The PFC was created in December 1984 to provide agencies and instrumentalities of Puerto Rico with alternate means of meeting their financing requirements. The PFC is exempt from the payment of any Commonwealth of Puerto Rico taxes on its revenues and properties and constitutes and independent governmental instrumentality of the Commonwealth separate and apart from GDB. The obligations of the PFC are not obligations of GDB.

Trustees Under the Different Trust Indentures:

Banco Popular de Puerto Rico
US Bank and Trust National Association
The Bank of New York

PFC's Financial Statements Audited by:
Deloitte & Touche, LLP