Puerto Rico's bankruptcy filing the first week of May should not have an impact on the island's cooperativa system, according to the Association of Cooperative Chief Executive Officers of Puerto Rico.

"The cooperative sector has been preparing for this for some time," the association said in a statement issued after the island's government filed for a type of bankruptcy protection from creditor.

Puerto Rico has more than 100 cooperativas insured by the territory's Corporation for the Supervision and Insurance of Cooperatives. That is in addition to the island's credit unions that are insured by the NCUA.

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