Business Briefs: Debt downgraded for Puerto Rico

Business Briefs: Debt downgraded for Puerto Rico

February 8th, 2014 by Associated Press and Staff Report in Business Around the Region

Debt downgraded for Puerto Rico

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.

Blackstone backs LaunchTN venture

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.