Puerto Rico Gov. Alejandro Garcia Padilla came out swinging with a defense of his economic and fiscal programs after Moody's Investors Service lowered the island's credit ratings farther into junk territory.

The rating action, which affected $61 billion of debt, "is unfair to the people of Puerto Rico and disregards the hard work undertaken to date to get the finances of the commonwealth in order," Gov. Alejandro García Padilla said in a speech late Tuesday. "I'm extremely disappointed that Moody's has ignored the facts in their decision to downgrade Puerto Rico's credit," he said. "Puerto Rico has taken significant and important steps to cover our expenses without recourse to new loans, while safeguarding vital public services."

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