FBI investigation does not affect rating of Puerto Rico's PRASA

An investigation by the U.S Federal Bureau of Investigation into activities at the Puerto Rico Aqueduct and Sewer Authority (PRASA) will not impact the agency's credit rating, Standard & Poor's said on Wednesday.

The FBI launched a surprise raid at PRASA on Tuesday. The head of the commonwealth agency said the probe was focused on a single case and not the entire agency.

S&P's comments come as PRASA, which the agency rates BB-minus, is preparing a bond sale of at least $770 million in the first half of 2015, $500 million of which will be new money intended for investments.

"We will continue to monitor the situation for materiality, especially as it relates to PRASA's ability to renew or otherwise extend its committed lines of credit, and possibly convert draws on those lines to long-term debt," S&P said in a statement.

PRASA has about $3.4 billion in senior-lien revenue bonds, according to S&P. It also has nearly $280 million in rated debt, plus another $870 million in unrated debt that is backed by the Commonwealth of Puerto Rico, S&P said. (Reporting by Edward Krudy; Editing by Leslie Adler)

FBI investigation does not affect rating of Puerto Rico's PRASA -S&P