Is Puerto Rico The Next Ireland? Wilbur Ross Weighs In

Puerto Rico’s debt problems have brought comparisons to Detroit and Greece, but a recent rating downgrade hardly fazed muni bond investors. That’s partially because the possibility of a default had already been priced in, but also because concerns about the US territory’s access to debt markets were being raised at the same time that financing was being organized (a deal with the Royal Bank of Canada (NYSE:RY) (TSE:RY) was announced a few days after S&P downgraded Puerto Rican debt to junk status). Wilbur Ross, speaking to Bloomberg, raises the exact opposite question: could Puerto Rico be the next Ireland? “I think…