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July 11 (Reuters) - Standard & Poor's ratings service cut the Commonwealth of Puerto Rico's general obligation rating to "BB" from "BB+", citing enactment of a new law, which allows certain corporations to restructure their debt.
"We also believe that the enactment of the bill is indicative of the mounting economic and fiscal challenges for the commonwealth as a whole," S&P said. (bit.ly/1wcilqO)
The ratings agency also cut its rating on the Puerto Rico Sales Tax Financing Corporation (COFINA) first lien sales tax bonds to "BBB" from "AA-" and its second lien COFINA sales tax underlying rating (SPUR) to "BBB-" from "A+".
All ratings have been removed from CreditWatch and assigned a negative outlook, S&P said on Friday. (Reporting by Abinaya Vijayaraghavan in Bangalore; Editing by Joyjeet Das)