June 11 (Reuters) - Fitch downgraded Puerto Rico Electric Power Authority power revenue bonds to ‘BB’ from ‘BB+', citing concerns about the utility’s ability to manage near-term liquidity demands.
The ratings agency said the cut reflected PREPA's diminished liquidity as evidenced by lower than anticipated cash balances, the maturity of its $250 million line of credit and the pending maturity of a second $550 million line of credit in August. (r.reuters.com/dep99v)
Fitch placed the ‘BB’ rating on Rating Watch Negative. (Reporting By Narottam Medhora in Bangalore; Editing by Savio D‘Souza)