(Corrects headline to say rating lowered to “CCC-” not “CCC”)
June 30 (Reuters) - S&P lowered its rating on Puerto Rico to ‘CCC-’ from ‘CCC+’ with a negative outlook, saying a default, distressed exchange, or redemption of the commonwealth’s debt appears to be inevitable within the next six months.
S&P said it has placed all debt at the same 'CCC-' level, reflecting its view that all debt obligations are potentially at risk for possible restructuring due to the severity of Puerto Rico's current fiscal situation. (bit.ly/1GLPCyD)
Puerto Rico’s governor on Monday called for the commonwealth to be allowed to restructure its debts under the U.S. bankruptcy code, while a newly appointed adviser to the U.S. territory said it is “insolvent” and will soon run out of cash. (Reporting by Supriya Kurane in Bengaluru; Editing by Anupama Dwivedi)