UPDATE 1-Puerto Rico to present PRASA bond offer to investors - official
(Adds quote from Suarez, Fitch rating)
Aug 17 (Reuters) - Puerto Rico is to conclude its presentation to investors regarding an upcoming sale of revenue bonds from its water authority PRASA later on Monday, the governor's chief of staff Victor Suarez told reporters.
PRASA last week filed to sell $750 million in revenue bonds to fund various system improvements and refinance loans, according to an offering document.
Investors said the commonwealth will have to overcome several obstacles to raise the money after a default earlier this month.
"Since late last week, we have been conducting presentations to investors," Suarez said. "Today we will be concluding the presentations. Tomorrow we will know if there is interest from the market and we will decide on the next steps."
Fitch ratings agency on Monday rated Puerto Rico's planned bond sale 'CC', and means that default of some kind appears probable, and that there are very high levels of credit risk.
Suarez also said officials will meet on Monday to talk about the government's liquidity options and will know more regarding the market interest by Tuesday.
Puerto Rico Governor Alejandro Garcia Padilla shocked investors in June when he said the island's debt, totaling $72 billion, was unpayable and required restructuring. (Reporting by a contributor in San Juan, writing by Megan Davies, editing by G Crosse, Bernard Orr)
© Thomson Reuters 2017 All rights reserved.