Klayman & Toskes, PA and Carlo Law Offices Comment on S&P Credit Downgrade in Puerto Rico General Obligation Debt
April 27 2015 - 2:33PM
The Securities Arbitration Law Firm of Klayman & Toskes, P.A.
("K&T") and Carlo Law Offices comment on Standard & Poor's
("S&P") decision Friday to lower Puerto Rico's General
Obligation bond rating further into junk territory from B to CCC+,
four notches above default status. According to S&P statements,
"We base our downgrade...on our view that the commonwealth's market
access prospects have further weakened and Puerto Rico's ability to
meet its financial commitments is increasingly tied to the
business, financial and economic conditions on the island. Absent
improvement in those conditions, we believe debt and other
financial commitments will be unsustainable."
According to securities attorney, Steven D. Toskes, Esq., "The
recent downgrade may be followed by more ratings agencies
downgrades for bonds issued in Puerto Rico, which may result in
further selling pressures from municipal bond portfolios including
large mutual funds that hold Puerto Rico municipal bonds." Mr.
Toskes warns, "Investments in closed-end funds that are leveraged
against portfolios concentrated in Puerto Rico municipal bonds has
been disastrous for investors."
Investors who suffered losses in Puerto Rico municipal bonds
that are the result of Financial Industry Regulatory Authority
(FINRA) sales practice violations may recover losses through a
securities arbitration claim. FINRA sales practices violations
includes unsuitable investment advice that results in concentrated
investments in Puerto Rico municipal bonds, which is due to
brokerage firms' failure to supervise its financial advisors.
Klayman & Toskes, P.A. is currently investigating sales
practice violations of UBS Financial Services of Puerto Rico
(NYSE:UBS), Santander Securities (NYSE:SAN), Popular Securities
(Nasdaq:BPOP) and Oriental Financial (NYSE:OFG) related to
recommended investments in Puerto Rico municipal bonds and Puerto
Rico closed-end bond funds.
The securities arbitration law firms of Klayman & Toskes,
P.A., and Carlo Law Offices, P.S.C., are committed to the
protection of Puerto Rico investor rights. The FINRA dispute
resolution process and the legitimacy of Puerto Rico investor
rights direct our current investigations. The sole purpose of this
release is to investigate, on behalf of our clients, the sales
practices of Puerto Rico brokerage firms in connection with
investment recommendations provided to their customers. Current and
former customers of Puerto Rico brokerage firms who have
information concerning sales practices related to investments in
Puerto Rico closed-end bond funds and Puerto Rico municipal bonds
are encouraged to contact Steven D. Toskes of Klayman & Toskes,
P.A. or Lcdo. Osvaldo Carlo of Carlo Law Offices, at (787)
919-7325, or visit our websites at www.sueubspuertorico.com and
www.perdidasenbonospr.com/en/.
About Klayman & Toskes
Klayman & Toskes, a leading securities and litigation law
firm, practices exclusively in the field of securities arbitration
and litigation, on behalf of retail and institutional investors.
The firm represents investors throughout the world in securities
arbitration and litigation matters against major Wall Street
brokerage firms.
Destination:
http://www.perdidasenbonospr.com/en/klayman-toskes-pa-and-carlo-law-offices-comments-on-sp-credit-downgrade-in-puerto-rico-general-obligation-debt/
CONTACT: Klayman & Toskes, P.A.
Steven D. Toskes, 787-919-7325
stoskes@nasd-law.com
www.nasd-law.com
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