SAN JUAN, PUERTO RICO - APRIL 28: (PUERTO RICO OUT) Tens of thousands march towards the Capitol building April 28, 2006 in San Juan, Puerto Rico, demanding the legislature to approve a line of credit that would avoid the goverment from shutting down May 1, 2006 affecting over 200,000 public employees. The demonstration was called "Puerto Rico Grita" or "Scream Puerto Rico". (Photo by Jose Jimenez-Tirado/Getty Images) (2006 Getty Images)
SAN JUAN, Puerto Rico (AP) – Standard & Poor's has downgraded Puerto Rico's general obligation debt as legislators debate how to overhaul the U.S. territory's tax system and generate more revenue amid a financial crisis.
The credit rating agency says Puerto Rico's market access has weakened and expressed concern about a lack of consensus as the government prepares its 2016 fiscal budget. The announcement made late Friday comes just days after Puerto Rico's Government Development Bank warned the government could be forced to shut down in three months given a lack of funds.
The bank also said the government's fiscal problems could prevent it from accessing the capital market. Puerto Rico has said it plans to issue more than $2 billion in general obligation bonds as the island struggles to reduce $73 billion in public debt.
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