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Since the utilities have already been missing debt payments, the state was bearing an enormous risk that it could be stuck with those costs.
Steve Ledbetter, the chairman of Reliant Energy, a Houston-based power generating company, said there was improved cooperation among the key players, but no signs of a real solution in sight, particularly with the two major utilities now missing debt payments and their finances deteriorating by the day.
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Under South Korean law, a company is declared bankrupt if it misses debt payment deadlines for two consecutive days.
But Republicans said they were merely being prudent and signaling to world financial markets that they would not let the United States government miss debt payments.
Spain said earlier this week that it would miss debt targets set for 2012 and began to lobby for an easing of the levels set until 2015.
In fact, the plan actually provides an incentive for some people to miss debt payments, because that would make them look like bad credit risks and eligible for relief.
But analysts point out that the very practice of trying to analyze what a country's debt will be eight years on is in itself flawed — as the I.M.F. has accepted in a recent report that explained how it missed debt explosions in Greece, Ireland and Iceland.
Crucially, given the imminent missed debt payment, the bill also would bar lawsuits by creditors for nonpayment retroactive to December — to provide Puerto Rico "the breathing room," as Mr. Lew put it, for its government and the control board to restructure the crippling debt and devise a new budget plan.
The S&P warning came a day after Moody's warned the world's largest economy could lose its top-notch credit rating in the next few weeks if politicians failed to increase the country's legal borrowing limit of $14.3tn and the government misses debt payments.
The rate of missed debt payments for companies with risky credit ratings is nearing levels last seen during the Great Depression.
By Moody's count just eight companies missed debt payments in October, the lowest monthly tally all year and that number has been dropping since summer.
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