More Bad News for UBS Puerto Rico Clients
Investors who got trapped in UBS closed end Puerto Rican funds received more bad news this week. Puerto Rico had its second debt downgrade in a week. The territory is trying to generate more revenue as their economic recession continues. Moody’s Investors Service downgraded $48 billion worth of Puerto Rican debt, saying that the island might default on its debt within the next 2 years. Tax reforms are now going before the legislature, and these signal yet another political risk that could cause problems for those holding Puerto Rico bonds. The island’s liquidity issues could also be a problem for investors holding Puerto Rican bond holders. Standard & Poor’s downgraded general obligation bonds last week. The downgrades indicate a breakdown in communication between Puerto Rico’s government and its credit rating agencies. If you lost money in Puerto Rican bond funds please call us at 312-332-4200. We are securities attorneys who concentrate in recovering investment losses.
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