EXHIBIT F 

Case:17-03283-LTS Doc#:2707-6 Filed:03/12/18 Entered:03/12/18 20:59:11 Desc:

Exhibit F Page 1 of 3
FISCAL PLAN

San Juan, Puerto RicoFebruary 28th, 2017

Case:17-03283-LTS Doc#:2707-6 Filed:03/12/18 Entered:03/12/18 20:59:11 Desc:

Exhibit F Page 2 of 3
Debt sustainability sensitivity analysis ($MM)

The table below summarizes the annual cash flow available for debt service, and calculates implied debt capacity based on a range 

of interest rates and coverage ratios assuming an illustrative 35 year term • Cash flow available for debt service incorporates (i) the payment of essential services, (ii) benefit of clawback revenues and (iii) a prudent contingency 

reserve

• Due to the substantial financial impact, the sensitivity analysis is shown both (i) assuming loss of ACA funding and (ii) assuming ACA funding restored

Fiscal year ending June 30, 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 '17 - '26 totalBaseline ProjectionsRevenues $18,952 $17,596 $16,514 $16,623 $16,799 $17,013 $17,255 $17,502 $17,746 $18,042 $174,040Expenses (17,542) (18,496) (18,671) (18,875) (19,255) (19,705) (20,017) (20,358) (20,935) (21,209) (195,063)

Cash Flow Excl. Debt Service & Measures 1,410 (901) (2,157) (2,252) (2,456) (2,692) (2,762) (2,856) (3,189) (3,167) (21,022)

Impact of Measures

Revenue Measures -- 834 1,468 1,490 1,495 1,504 1,514 1,525 1,536 1,549 12,914Expense Measures (262) 643 1,848 2,160 2,357 2,468 2,503 2,540 2,728 2,766 19,751

Total Measures (262) 1,477 3,315 3,650 3,852 3,972 4,017 4,066 4,264 4,315 32,666

Cash Flow Available for Debt Service $1,148 $576 $1,158 $1,398 $1,396 $1,280 $1,255 $1,209 $1,075 $1,148 $11,643

Plus: ACA Funding Restored -- 864 1,515 1,580 1,677 1,831 1,950 2,066 2,248 2,379 16,112

Cash Flow Available with ACA Restored $1,148 $1,441 $2,673 $2,977 $3,073 $3,111 $3,206 $3,275 $3,323 $3,527 $27,755

Scenario: Assumes Loss of ACA Funding 

Sensitivity Analysis: Implied Debt Capacity at 1.25x Interest Coverage

Illustrative Cash Flow Available $175 $300 $425 $550 $675 $800 $925 $1,050 $1,175

3.75% 3,219 5,518 7,817 10,116 12,415 14,714 17,013 19,312 21,611

Interest Rate Sensitivity Analysis 4.00% 3,057 5,240 7,423 9,606 11,789 13,973 16,156 18,339 20,522

4.25% 2,910 4,989 7,068 9,147 11,226 13,305 15,383 17,462 19,541

Sensitivity Analysis: Implied Debt Capacity at 4.00% Interest Rate

Illustrative Cash Flow Available $175 $300 $425 $550 $675 $800 $925 $1,050 $1,175

1.10x 3,473 5,954 8,435 10,916 13,397 15,878 18,359 20,840 23,321

Interest Coverage Sensitivity Analysis 1.25x 3,057 5,240 7,423 9,606 11,789 13,973 16,156 18,339 20,522

1.40x 2,729 4,678 6,628 8,577 10,526 12,476 14,425 16,374 18,324

Scenario: ACA Funding Restored 

Sensitivity Analysis: Implied Debt Capacity at 1.25x Interest Coverage

Illustrative Cash Flow Available $1,200 $1,450 $1,700 $1,950 $2,200 $2,450 $2,700 $2,950 $3,200

3.75% 22,071 26,669 31,268 35,866 40,464 45,062 49,660 54,258 58,857

Interest Rate Sensitivity Analysis 4.00% 20,959 25,325 29,692 34,058 38,425 42,791 47,158 51,524 55,891

4.25% 19,957 24,114 28,272 32,430 36,587 40,745 44,903 49,061 53,218

Sensitivity Analysis: Implied Debt Capacity at 4.00% Interest Rate

Illustrative Cash Flow Available $1,200 $1,450 $1,700 $1,950 $2,200 $2,450 $2,700 $2,950 $3,200

1.10x 23,817 28,779 33,741 38,703 43,665 48,627 53,588 58,550 63,512

Interest Coverage Sensitivity Analysis 1.25x 20,959 25,325 29,692 34,058 38,425 42,791 47,158 51,524 55,891

1.40x 18,713 22,612 26,511 30,409 34,308 38,207 42,105 46,004 49,902

89

DEBT SUBSTAINABILITY

Debt sustainability

Case:17-03283-LTS Doc#:2707-6 Filed:03/12/18 Entered:03/12/18 20:59:11 Desc:

Exhibit F Page 3 of 3