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Home > Investor Resources > Tax-Exempt Securities by Issuer > University of Puerto Rico

University of Puerto Rico (UPR)

University of Puerto Rico


Credit Ratings

Standard & Poor's
University System Revenue Bonds
AFICA -  2000 Series A - Plaza Univ. Project

Credit Rating Reports on the UPR

arrow Go to Commonwealth section to access other credit rating reports affecting UPR debt
arrow Standard & Poor's - September 11, 2015
arrow Standard & Poor's - Summary - Sept. 11, 2015
arrow Moody's Investor Service - March 12, 2015
View prior reports from Credit Rating Agencies



University System Revenue Bonds are obligations of the University of Puerto Rico secured primarily by a first lien on tuition fees, and certain other specifically pledged revenues. Further protection is provided by a debt service reserve equal to maximum annual debt service of the University System Revenue Bonds.


The University of Puerto Rico is an instrumentality of the Commonwealth of Puerto Rico, largely supported by substantial Commonwealth appropriations. The University is a major, accredited university, with three major campuses and eight additional university campuses located throughout the Island. Degrees are granted in a broad range of academic disciplines including law, medicine, dentistry, liberal arts, engineering and business administration. Total enrollment as of August 2014 was approximately 57,853 students.

Trustee Under the Trust Agreement:
US Bank Trust National Association
New York, N.Y.

Co-Trustee Under the Trust Agreement:
Banco Popular de Puerto Rico, San Juan, PR

Financial Statements Audited by:
Ernst & Young


Financial Statements

arrow June 30, 2015

Official Statements

arrow University of Puerto Rico – $546,150,000
$286,505,000 University System Revenue Refunding Bonds, Series P
$259,645,000 University System Revenue Bonds, Series Q
November 30, 2006


Fiscal Agency and Financial Advisory Authority Contact
Jesús M. García-Rivera
Vice President

Director of Revenue Obligations Financing
Revenue Obligations Department
Tel. (787) 722-2525 x-15250
Fax (787) 728-6835

UPR Contact

Norberto González Pérez

Director, Finance Office
University of Puerto Rico

Central Administration
Jardín Botánico Sur
San Juan, Puerto Rico
Tel. (787) 767-0445

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Submitted before the State Electoral Commission on December 10, 2015. Case No. CEE-SA-16-217.