Puerto Rico

Fitch Ratings said has downgraded the rating on the Puerto Rico Sales Tax Financing Corporation (COFINA) $6.3 billion senior lien sales tax revenue bonds and $8.9 billion first subordinate lien sales tax revenue bonds to D from C.

The move follows the board’s decision to reject a Restructuring Support Agreement developed over three years between Puerto Rico Electric Power Authority and its creditors.

Puerto Rico's first mediation meeting in its Title III bankruptcy case will take place on July 12.

With fiscal year 2017 nearing an end in Puerto Rico, the Oversight Board was threatening to approve a budget Friday morning without local government agreement and the electric power authority was on the verge of default on a $423 million bond payment due Monday.

The SEC could charge workers from Morgan Stanley & Co. and Barclays Capital, who worked on the deals.

The U.S. Securities and Exchange Commission may take action against bankers from Barclays Plc and Morgan Stanley for their roles in Puerto Rico bond sales before a worsening fiscal crisis sent it hurtling toward bankruptcy.

Puerto Rico Title III Judge Laura Taylor Swain retained control over deciding about the island's sales tax bonds and diminished the Oversight Board’s role in the case at Wednesday’s hearing.

Puerto Rico's oversight board's decision against the power authority's restructuring support agreement moves $9 billion of debt closer to bankruptcy.

A deal to restructure $9 billion of Puerto Rico electric debt fell apart as a federal control board rejected the accord Tuesday, pushing the island’s main power utility closer to a potential bankruptcy.

Puerto Rico’s bondholders and bond insurers made court filings Monday to protect their interests as the historic municipal debt restructuring proceeds.

Puerto Rico said the money belongs to the agency as it works through bankruptcy proceedings to reduce its debt.

The Puerto Rico legislature approved a General Fund budget without debt service, leaving it to the Oversight Board to say where money for bond payments will come from in fiscal 2018.

The governor said the Oversight Board lacks the authority decide about staffing levels and personnel spending.

The chief U.S. District judge for Puerto Rico has appointed a helper judge in the commonwealth's Title III bankruptcy case.

Seven people, including two former Puerto Rico government officials, were indicted Wednesday in two related corruption cases affecting more than $10 million.

A group of Puerto Rico bondholders accused the Oversight Board and governor of minimizing the commonwealth's health in a proposed budget that is too generous to non-debt holders.

Puerto Rico’s employment indicators were mixed in May compared to April and to May 2016.

A restructuring deal affecting $4.1 billion of Puerto Rico Government Development Bank debt has gained the support of over 50% of its bondholders.

Two Democrats urge Puerto Rico's oversight board to reject PREPA agreement over rate hike concerns.

Puerto Rico’s Oversight Board sent a letter to Puerto Rico’s leaders warning of a waning resolve to deal with a dire financial situation.