Puerto Rico agency debt slumps on downgrades, restructuring law
NEW YORK (Reuters) - Puerto Rico public corporation debt slumped on Friday after a new law that allows agencies to restructure their debts sparked fears of an imminent default and led to a slew of downgrades on the electricity, highway, and water authorities. Debt of the Puerto Rico Electric Power Authority (PREPA) maturing in 2040 and carrying a coupon of 5.25 percent traded with an average price of 45.956 cents on the dollar and an average yield of 12.139 percent, according to Thomson Reuters data. [74526QVX7=MSRB] (Reporting by Edward Krudy; Editing by Chizu Nomiyama)
