Ratings agencies impressed with stabilization

by Ken Quintanilla

Guam - Back from his meetings with the bond rating agencies in San Francisco, Governor Eddie Calvo today tells KUAM News that he is optimistic the ratings needed to secure the Series 'B' bonds to help pay overdue tax refunds will follow-through.

He said, "They're also taken a good look at the fiscal stabilization efforts made by this administration of cutting costs, and some of those aside from reorganization and moving forward, and although it's a long complicated process in personnel reduction, but also in areas that have been unpopular for many agencies such as the 15% allotment reserve."

The rating agencies were impressed with the administration's efforts to contain the government's deficit and strengthen the government's overall financial position. GEDA's Karl Pangelinan tells KUAM News that the fiscal team still expects the rating sometime this month with scheduling to price the deal in the last week of May and the money in the bank by the first week in June.