PREPA Debt Moratorium May Foreshadow Puerto Rico's Plan
Puerto Rico Electric Power Authority’s proposed partial moratorium on debt payments may foreshadow the commonwealth’s strategy for restructuring the island’s estimated $72 billion of debt.
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Puerto Rico wound up with a $703 million deficit in 2015, a fiscal year it had budgeted to be at least superficially balanced, according to Puerto Rico Secretary of the Treasury Juan Zaragoza Gómez.  more »
Vice President Joseph Biden, who once likened New York’s LaGuardia Airport to a “third world country,” joined Gov. Andrew Cuomo to announce its rebuilding.  more »
A source close to the Puerto Rico government, disputing a report that restructuring is avoidable, said specific debt decisions will be delayed until at least least mid-September.  more »
Former Detroit emergency manager Kevyn Orr will speak at a municipal finance conference in Boston hosted by Brandeis International Business School and the Federal Reserve Bank.  more »
Three public pension funds have sued New Jersey in the parties’ latest legal joust, accusing the state of violating a contract by underfunding their plans.  more »
Fitch Ratings removed its negative outlook on Connecticut's general obligation bond rating, restoring a stable outlook while affirming its AA rating.  more »
New York City should ramp up its contribution to the Metropolitan Transportation Authority's five-year capital program to $3 billion, Gov. Andrew Cuomo said.  more »
Proceeds from Rhode Island's $175 million general obligation bond refunding will benefit economic development and school construction initiatives, said Treasurer Seth Magaziner.  more »
Massachusetts Port Authority officials say upgrades from two rating agencies boosted their $171.5 million revenue bond sale.  more »
The Port Authority of New York and New Jersey has approved $112.9 million for new street-level barriers across the World Trade Center site aimed at protecting it from future severe storms.  more »
The Puerto Rico Electric Power Authority has five weeks to bridge remaining differences with its forbearing bondholders over how to deal with its $8.1 billion of bond debt.  more »
A coalition of state and city finance officials led by Rhode Island Treasurer Seth Magaziner wants the SEC to require greater transparency from PE firms that manage public pension funds.  more »
Moody’s Investors Service upgraded Philadelphia Gas Works to Baa1 from Baa2, citing a stabilized financial position.  more »

Orrick, Herrington & Sutcliffe LLP attorneys take a look at the Securities and Exchange Commission settlements with 36 municipal securities underwriters pursuant to the Municipalities Continuing Disclosure Cooperation initiative.

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