FITCH DOWNGRADES VI BONDS AGAIN
Is anyone, other than Mapp, surprised that the Vi bonds have been downgraded further.?
Until the VI gets serious about cutting the massive government bureaucracy that has been created over the years, the bond markets will continue to turn their backs on the VI.
Mapp can not pass enough "sin" taxes to have them come back to the Vi.
Are we now quickly going down the same road as Puerto Rico ?
Yeah it sure looks like it. Remember when Mapp justified the sin taxes by saying how important they were? sin tax justification
The combined measures have been projected by the Mapp administration to raise roughly $250 million over a five-year period, which the administration says will help bolster bondholders’ confidence in the government’s ability to address its structural deficit, currently over $100 million, and also as a first step in the right direction relative to having access to the bond market in the future.
IN STINGING BLOW TO USVI, S&P FURTHER DOWNGRADES TERRITORY’S MATCHING FUND AND GROSS RECEIPT TAX BONDS