Fitch not surprised by Puerto Rico's decision to miss debt payment deadline

Fitch Ratings agency says Puerto Rico's decision to miss an August 1 debt service payment, due on Monday, is consistent with both the Commonwealth's stated intent to restructure its debt, and its current liquidity pressures.  
    
As the restructuring plans become clearer, a downgrade to 'C' would be triggered on a security-specific basis at the point that default appears inevitable.
  
Puerto Rico has declared its debt unpayable.