Puerto Rico May Borrow $2 Billion, But At 10 Percent

Puerto Rico may get access to the financing that it needs after all, but not through traditional debt markets. Morgan Stanley (NYSE:MS) has been in touch with hedge funds, private equity firms, and other major investors trying to put together $2 billion for the troubled US territory, but the yield could be as high as 10%, far higher than the rates available in the broader municipal bond market, reports Michael Corkery for The New York Times. Puerto Rico’s financial problems are nothing new, but it is now facing a credit downgrade from Moody’s Corporation (NYSE:MCO), who insisted that Puerto Rico…