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June 18, 2019
The Bond Buyer

The downgrade or concerns over revenue credits shouldn’t deter investors or raise yields on the upcoming sale, said Brian Battle, director of trading at Chicago-based Performance Trust Capital Partners.


“I think they will overlook it,” Battle said of investors. “The tollway is already suffering for being related to the state so it’s cheaper than it should be and I don’t think a disagreement on methodology between the rating agencies will impact pricing. It’s a good credit in a bad state.”


Battle also believes investors are still gauging how or even whether to price Puerto Rico risk given the precedent-setting ruling. It directly impacts states only in the 1st Circuit although it can influence decision in other circuits. “We are all learning as we go,” Battle said.

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