Moody's gives Puerto Rico pension bonds Baa3 municipal, A1 global scale

Moody's Investors Service said it assigned a rating of Baa3 municipal scale rating to the senior pension bonds, series B, issued by the Employees Retirement System of the Government of the Commonwealth of Puerto Rico.

Moody's said it assigned a global scale rating of A1 to the Puerto Rico Employees Retirement System senior pension funding bonds, series B.

The par amount of the taxable bonds is expected to be $1,055,534,349, and they are expected to sell on May 20. The bonds will have a final term of 50 years.

Proceeds of the bonds will be used to increase the funds available to pay pension benefits and to reduce the unfunded accrued actuarial pension liability.

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