Puerto Rico's credit rating was dealt its second blow in a week when Moody's Investors Service announced Friday it had downgraded the U.S. territory's debt to junk status.The downgrade of two notches came just days after Standard & Poor's downgraded the island's debt, prompting the local government to file new legislation aimed at shoring up the economy as it prepares to re-enter the bond market this month.
Moody's said it remained concerned about its liquidity and ability to access the market. "While some economic indicators point to a preliminary stabilization, we do not see evidence of economic growth sufficient to reverse the commonwealth's negative financial trends," the agency said.
The Blackstone Charitable Foundation on Friday awarded another $100,000 grant to Launch Tennessee to support the creation of a new specialist program to recruit talent from across the country to Tennessee's network of nine regional startup accelerators.
Last year, Blackstone awarded $100,000 to underwrite The TENN, a program that identified the top 10 startup companies for help with mentors and funding. The Launch Tennessee Specialist Program is based on a program developed by Chattanooga's GIGTANK accelerator to recruit tech students.