Moody's Says Probability Of Puerto Rican Default 'Approaching 100%'

Reuters released new comments from Moody's on Puerto Rico's debt crisis on Wednesday afternoon. According to Moody's, "probability of default is approaching 100 [percent]."

The bond credit rating agency believes that a failure to pay would trigger significant losses.

Furthermore, the unnamed representative said the U.S. government is not likely to bail out the island's government, which has accumulated over $70 billion in debt. Moody's credit ratings currently assume no federal assistance. The White House maintained several weeks ago that it would not extend protection to the U.S. territory.

Unlike Greece, Puerto Rico "can't turn to a lender of last resort, like the International Monetary Fund." The Commonwealth, therefore, will seemingly be left with few options as it becomes harder and harder to stay financially afloat.