Top Puerto Rican officials are meeting with credit rating agencies in New York amid growing concerns the U.S. territory's general obligation bonds might be downgraded to junk status.

Tuesday's meeting comes as the island prepares to re-enter the bond market in upcoming days and after two of three credit rating agencies recently placed Puerto Rico on watch for a possible downgrade. The island is struggling with $70 billion in public debt and a 15.4 percent unemployment rate.

The meeting is one of several that have occurred in recent months at Puerto Rico's request.

Meanwhile, a group of Puerto Rico opposition legislators are seeking a study to determine how the island would be affected by a downgrade and how to prepare for it.