Sales Tax Overhaul Will Clear Way for Cofina 3rd Lien
    by Randy Jacobus
    Friday, January 24, 2014

    Legislature kept the Sales and Use Tax at 7% and designated the first 6% (instead of 5.5%) to go to pay debt service on COFINA Debt. This will be the source to pay the debt service on a new third lien and allow COFINA to come to market shortly. Our guess is that they will be coming to market with 1 to 1.5 blln in new bonds rated BBB or BBB+. This should happen shortly and will remove the downgrade pressure from the rating agencies.

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