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Puerto Rican officials met with U.S. credit rating agencies in New York on Tuesday.
According to the Associated Press, the meeting was to discuss concerns over the territory's general obligation bonds being downgraded to junk status.
Last week, Reuters reported that the White House was not considering a financial bailout for the island and the woes have led credit rating agencies to consider labeling Puerto Rico’s obligation debt as junk bonds.
Puerto Rico’s economy and finances are in dire straits and have been for some time. The U.S. Territory has had eight consecutive years of negative economic growth.
However, Governor Alejandro Garcia Padilla insists that the Caribbean island is enjoying an economic turnaround with Jobs Now Act, which is the first law he enacted when he took office. Puerto Rico’s unemployment rate still remains higher than any state in the U.S.
The meeting in New York was held at Puerto Rico’s request after the territory was put on a downgrade watch.
The island is planning on re-entering the bond market in February.