Puerto Rico

The largest municipal bond insurer said third-quarter net income fell 57% due to an increase in loss reserves for Puerto Rico hurricane damage.

Restoring electrical service as quickly as possible is a key to reviving the island’s economy.

The Puerto Rico Oversight Board plans to shorten its fiscal plans to five years from 10 while still seeking structural balance,

The Puerto Rico Oversight Board will discuss revising the commonwealth government’s and its semi-autonomous entities’ fiscal plans Tuesday morning.

Puerto Rico plans to cancel a $300 million contract to rebuild the hurricane-ravaged electrical grid that went to a tiny company based in Interior Secretary Ryan Zinke’s Montana hometown, the head of the island’s power utility said.

The Federal Emergency Management Agency said it has "significant concerns with how PREPA procured this contract and has not confirmed whether the contract prices are reasonable.”

Gov. Ricardo Rosselló called the board’s appointment of Noel Zamot illegal and said the Puerto Rico government would challenge it.

Judge Laura Taylor Swain promised to release Wednesday a consensus-based order on the legal status of Puerto Rico’s post-hurricane federal aid.

Budget Director Mick Mulvaney said disaster aid won't be used to bail out Puerto Rico’s bondholders.

Creditors are at odds with the island government over the conditions on federal hurricane disaster aid.

Analysts will increasingly factor a government's preparation for the impact of global warming, according to S&P Global Ratings.

The Senate is scheduled to vote Tuesday on a $36.5 billion short-term disaster aid package.

The board authorized Kobre & Kim to issue the subpoenas, as long as certain conditions, including the start of a "formal" investigation, had been met.

Six projects announced this week may lead to $300 million to $400 million of investment.

Municipal bond analysts cite the lack of clarity on the island’s economic future, the level of federal aid after two hurricanes, and the Title III bankruptcy process.

The money could be drawn from an $18.7 billion allocation for the Federal Emergency Management Agency’s Disaster Relief Fund.

Puerto Rico Gov. Rosselló pledged to have electrical service back in less than half the time than had been predicted in late September.

Emergency supplemental spending bills for natural disasters often are treated outside the normal budget.

The Senate is expected to take up the legislation after it returns next week.

Moody’s downgraded $31 billion in Puerto Rico public sector bonds citing the reduced outlook for repayment.