Puerto Rico

Puerto Rico’s economy in December was 13.3% less active than it had been in August, a report said.

The agreement would include emergency disaster relief funding for Puerto Rico, the U.S. Virgin Islands, Florida and Texas that was approved by the House in December.

The Puerto Rico Oversight Board asked Gov. Ricardo Rosselló to change three fiscal plans.

Such a loan would be legal and would offer the best terms available to the utility, the board said in a court filing.

Municipal bankruptcy expert James Spiotto said courts have ordered that special revenue bonds be paid in midst of bankruptcy.

Laura Taylor Swain ruled that holding a lien isn't enough at this time to require ordering bond payments be made.

The bill will help the government avoid an island-wide blackout that could result from a PREPA shortfall.

The post-hurricane fiscal plan assumes that Puerto Rico will get a substantial amount of federal aid, but doesn’t include it in its calculation of available resources.

The Democrats' draft bill would be "a great way to make sure that no U.S. territory ever borrows in the muni market again," said Municipal Market Analytics' Matt Fabian.

Puerto Rico is arranging a loan to avoid blackout.

Gov. Ricardo Rosselló's plan to find private investors for Puerto Rico's power utility faces opposition from local leaders and may prove to be a tough sell to potential investors.

Talk of selling the island's power authority comes amid its restructuring of $8.2 billion in debt.

The Senate remains deadlocked over how much to increase an $81 billion disaster aid package that was approved by the House in December.

"We've been playing games with the revenue estimates for decades," a former Treasury secretary tells the Oversight Board.

Investors concerned over the level of impairment to their Puerto Rico bonds may get some clarity on the commonwealth's cash balance at an Oversight Board hearing.

Puerto Rico's 78 local governments are eligible to apply for a streamlined Community Disaster Loan for up to 25% of their annual operating budget.

A group of economists including Joseph Stiglitz would cut the face value of Puerto Rico bonds by 80% or more.

Moody's said the delay may signal the damage to the island's economic prospects is worse than officials thought, suggesting the return for bondholders will be even lower.

Puerto Rico bondholders will have to wait until Jan. 24 for details on how much their payments may be reduced because of hurricane devastation.

Puerto Rico oversight law's constitutionality comes under fire as investors' and workers' interests intersect.