ANCHOR (OFF-CAMERA) ENGLISH SAYING:

So you're clearly not satisfied with steps that have been taken so far in Puerto Rico, because the country has been trying to take some action.

EMILY RAIMES, SENIOR CREDIT OFFICER, MOODY'S INVESTOR SERVICE, (ENGLISH) SAYING:

Well, I wouldn't say that we're not satisfied. The current administration has taken some very significant steps to shore up their finances and improve their budget stability. In the last year they passed significant pension reform and passed tax increases that will give them recurring revenues. So they've done a lot and they continue to try to do a lot of significant steps. They're just faced by some challenges that are maybe difficult to really fight.

ANCHOR (OFF-CAMERA) ENGLISH SAYING:

How long is the review for?

EMILY RAIMES, SENIOR CREDIT OFFICER, MOODY'S INVESTOR SERVICE, (ENGLISH) SAYING:

The review period is 90 days or less so we will be looking at the Commonwealth again within the next 90 days.

ANCHOR (OFF-CAMERA) ENGLISH SAYING:

Okay, so what do you have to see to take it off of review and not downgrade it?

EMILY RAIMES, SENIOR CREDIT OFFICER, MOODY'S INVESTOR SERVICE, (ENGLISH) SAYING:

The things we will be looking at in the next 90 days are the Commonwealth's ability to access the long term markets. We'll be looking to see whether they issue the long-term bond financing they have been discussing. We will also be looking at the budgetary performance in the next few months. Revenues are key in December which is the holiday month, so we'll be looking at the revenue performance in December. We'll also be looking at economic indicators to see whether we see any perhaps stabilization in the economy. We in recent months have seen sort of a mixture of economic indicators. Some, showing still economic decline and some showing that perhaps there's the beginning of a stabilization. So we'll be looking at that over the next couple of months as well. And finally, we will be looking at what the legislature does to see if they continue to take steps that are needed to stabilize themselves and their finances or whether there's perhaps a little bit of a backslide and they find it challenging to get anything done after they've already done so much.