Moody’s lowers PR Wireless to Caa2

Moody's Investors Service said it downgraded PR Wireless, Inc.'s corporate family rating and senior secured rating to Caa2 from Caa1.

Moody’s said the action reflects the effects from Hurricane Maria on Puerto Rico and PR Wireless' operations and concludes the review initiated on March 9, 2017.

The outlook is negative.

“The downgrade reflects the effects from Hurricane Maria, which caused material damages to wireless infrastructure in Puerto Rico, as well to the island's electric power network,” the agency said in a news release.

“This resulted in extended damages to PR Wireless' assets and prolonged revenue disruption.”

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.