March 4 (Reuters) - The Puerto Rico Aqueduct and Sewer Authority (PRASA) said on Friday it has suspended its ongoing projects and is considering other alternatives to pay off its contractors.
PRASA, in a filing with the Municipal Securities Rulemaking Board, said it has suspended the projects due to difficulties in accessing the bond market for issuing revenue bonds.
The authority said it is considering other alternatives and said it has set aside certain funds to pay off its contractors.
The authority had reached a settlement with the U.S. government last year, to upgrade its systems, for allegedly releasing untreated sewage into the San Juan Bay, Condado Lagoon, Martin Pena Canal and the Atlantic Ocean, violating the Clean Water Act.
(Reporting by Parikshit Mishra in Bengaluru; Editing by Leslie Adler)