Moody's Follows S&P, Downgrades $48B of Puerto Rico's Debt

February 19, 2015 10:13 PM

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Puerto Rico on Thursday was hit with its second debt downgrade in a week as the U.S. territory's government pushes to overhaul its tax system to help generate more revenue amid an economic recession.

Moody's Investors Service downgraded $48 billion worth of Puerto Rico debt, warning that the island might default on its debt in the next two years.

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