Puerto Rico

The Nov. 22 notice opened a 30 day window for the issuer to make a case that $877.9 million of bonds not be stripped of their tax-advantaged status.

Fitch raised PRASA bonds to CC from C even amid indications that the utility is discussing restructuring its debt.

The $10.2 billion is designated for long-term mitigation work to prevent a future recurrence of the damage and to make electrical grid improvements that will withstand future storms.

Bankruptcy mediator Barbara Houser recommends litigation over $22 billion in bonds should resume in January and February.

The board letter's is one of the first signs of friction with Gov. Wanda Vázquez, who took office in August.

Separately, the island's economic activity index fell on a year-over-over basis for the fourth straight month.

The motion is part of the bondholders' attack on a plan to give them 15 cents on the dollar.

San Juan's finances, given an F in the study of fiscal year 2017, became even worse in fiscal 2018.

Five Republican representatives asked three Democrats to withdraw their legal brief opposing the agreement.

The territory needs $1.3 billion to $2.3 billion of investment beyond the current level to support growth and competitiveness.

Gov. Wanda Vázquez's bill aims to prevent the commonwealth from pursuing debt practices that have gotten it into trouble.

The website aims to provide information about the restructured bonds and to advertise them as creditworthy.

Muni bankruptcy expert James Spiotto told lawmakers that replacing debt restructuring with debt cancellation has no rationale or justification.

Puerto Rico Gov. Wanda Vázquez's misgivings about rate increases threaten to upend the $8 billion restructuring plan, a lawyer for unsecured creditors told the bankruptcy court.

The mediator's report on almost $26 billion of bonds is now scheduled to be submitted on Nov. 27.

Judge Swain has ordered an end to the stay on open litigation of pension bond issues.

The plan would rebuild the power system with a web of "micro grids," funded in part with federal and private money.

UBS, the underwriter facing more than $800 million in lawsuits over the pension system bonds, argued the proposed schedule won't give it enough input.

Lack of legislative cooperation wouldn't be a problem until after court-approval of a plan of a adjustment, observers said.

The proposal is highly doubtful to become law in the coming months given the limited number of days Congress will be in session the remainder of the year.