UPDATE 2-S&P cuts Puerto Rico rating, says default seems inevitable
June 30, 2015 at 07:11 AM EDT
June 30 (Reuters) - Standard & Poor's Ratings Services lowered its credit rating on Puerto Rico to 'CCC-minus' from 'CCC-plus', hours after Governor Alejandro Garcia Padilla said the U.S. territory needed a period of bankruptcy to restructure its debt.