Puerto Rico's Government Development Bank announced Monday it was only able to make a partial payment on its Public Finance Corp. debt service due over the weekend.
In response, Moody's announced it viewed the nonpayment as a default, according to CNBC.
Among payments owed Aug. 1, Puerto Rico owed $58 million on Public Finance Corp. bonds.
"This event is consistent with our belief that Puerto Rico does not have the resources to make all of its forthcoming debt payments. This is a first in what we believe will be broad defaults on commonwealth debt," said Emily Raimes, vice president at Moody's Investors Service, in a statement.
Moody's: Puerto Rico has defaulted
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