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March 1 (Reuters) - Puerto Rico projects having about $1.2 billion a year available for debt service, more than an earlier projection by the federally appointed board overseeing its finances, according to a fiscal turnarond plan released by the U.S. territory on Wednesday.
The island sees higher baseline revenues and lower expenses than the board's projection, though it falls short of some spending cuts recommended by the board, such as on healthcare funding. The plan cites the possibility of a debt restructuring that could include new tradeable securities or a structure that ties creditor recoveries to economic growth. (Reporting by Nick Brown; Editing by Chizu Nomiyama)