Caribbean

MBIA Inc. used National Public Finance Guarantee and MBIA Insurance to "perpetrate a fraud on investors," the COFINA bondholders said.

S&P revised its outlook to negative on San Juan Cruise Port LLC's BBB-minus rated bonds.

A federal judge dismissed a case against Ambac Financial, Ambac Assurance, National Public Finance Guarantee and MBIA Insurance but allowed the case against MBIA Inc. to continue.

The government plans to use surplus funds from fiscal years 2022 to 2024 to fund the payments.

The governor, in the final year of his term, asked lawmakers to approve reforms that would fix the Virgin Islands Water and Power Authority's balance sheet.

The board wants the court to reject a wide range of bondholder discovery requests related to their administrative expense claim.

The tax reform costs will be offset by reductions in certain government spending, application of excess revenues that are coming in, and elimination of certain tax exemptions.

Bondholders are seeking compensation from the U.S. government for their losses in the restructuring.

Puerto Rico Gov. Jenniffer González Colón filed suit to end the island's contract with LUMA Energy for electrical transmission and distribution.

This is the first upgrade of bonds supported by assets currently or formerly in the Puerto Rico government's hands since the passage of PROMESA in 2016.