Investor's and

FINANCIAL INFORMATION

Rating Agencies

Rating Agencies

PRASA Credit Ratings

Updated: as of July 2, 2015

	Moody's		S&P		Fitch
Senior Revenue Bonds	Caa3	Neg	CCC-	Negative	CC	Neg Watch
Commonwealth Guaranteed Bonds	Caa3	Neg	CCC-	Negative	CC	Neg Watch

PRASA Outstanding Bonds Historic Ratings and Rating Reports for:

Moody's

Moody's

PRASA's outstanding bonds historic ratings

Updated as of July 2, 2015

Moody's Investors Services

	Senior Bonds		Guaranteed Bonds
Date	Rating	Outlook	Rating	Outlook
16-Jan-08	Baa3	Stable	Baa3	Stable
16-Apr-10	Baa1	Stable	A3	Stable
9-Nov-10	Baa1	Negative	A3	Negative
8-Aug-11	Baa2	Negative	Baa1	Negative
13-Dec-12	Ba1	Negative	Baa3	Negative
7-Feb-14	Ba2	Negative	Ba2	Negative
27-Jun-14	Ba3	Negative	Ba2	Negative
1-Jul-14	Caa1	Negative	B2	Negative
19-Feb-15	Caa1	Negative	Caa1	Negative
21-May-15	Caa2	Negative	Caa2	Negative
1-Jul-15	Caa3	Negative	Caa3	Negative

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Standard & Poor's

Standard & Poor's

PRASA's outstanding bonds historic ratings

Updated as of July 2, 2015

Standard & Poor's

	Senior Bonds		Guaranteed Bonds
Date	Rating	Outlook	Rating	Outlook
16-Jan-08	BBB-	Stable	BBB-	Stable
31-Mar-11	BBB-	Stable	BBB	Stable
26-Mar-13	BB+	Stable	BBB-	Negative
4-Feb-14	BB+	Neg Watch	BB+	Neg Watch
14-Mar-14	BB+	Neg Watch	BB+	Negative
30-Jun-14	BB+	Neg Watch	BB+	Neg Watch
14-Jul-14	BB-	Negative	BB	Negative
13-Feb-15	B	Negative	B	Negative
27-Apr-15	CCC+	Neg Watch	CCC+	Neg Watch
2-Jul-15	CCC-	Negative	CCC-	Negative

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Fitch

Fitch

PRASA's outstanding bonds historic ratings

Updated as of July 2, 2015

Fitch Ratings

	Senior Bonds		Guaranteed Bonds
Date	Rating	Outlook	Rating	Outlook
16-Jan-08	BBB-	Stable	BBB-	Stable
5-Apr-10	BBB+	Stable	BBB+	Stable
3-Aug-10	BBB	Stable	BBB+	Stable
20-Mar-13	BBB	Stable	BBB-	Negative
18-Apr-13	BBB-	Negative	BBB-	Negative
11-Feb-14	BBB-	Negative	BB	Negative
18-Feb-14	BB+	Negative	BB	Negative
9-Jul-14	B+	Neg Watch	BB-	Negative
26-Mar-15	B	Neg Watch	B	Neg Watch
29-Jun-15	CC	Neg Watch	CC	Neg Watch

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