Puerto Rico

Puerto Rico Gov. Ricardo Rosselló rejected the Oversight Board’s demands for quick and deep austerity measures.

The Puerto Rico Oversight Board said a 79% reduction in payments may be in store for bondholders in fiscal 2019.

The Puerto Rico Oversight Board told Puerto Rico Gov. Ricardo Rosselló to make $4.5 billion of spending cuts and revenue increases annually as part a five-year fiscal plan.

A federal court handed a victory to holders of Puerto Rico Employment Retirement System bonds Tuesday, one of bondholders’ first legal victories since Puerto Rico started defaulting about a year ago.

Treasury Secretary Jack Lew and Department of Health and Human Services Secretary Sylvia Burwell are urging Congress to pass legislation to help Puerto Rico before the commonwealth is forced to confront more serious health care and economic challenges.

The Financial Industry Regulatory Authority ordered UBS to hand over $18.2 million for misleading a family of investors in Puerto Rico closed-ended funds, the second highest fine for individual investors against UBS in these cases.

Puerto Rico government and federal lenders to the Puerto Rico Aqueduct and Sewer Authority have extended their forbearance periods for the authority.

The Puerto Rico Energy Commission announced approval of a final electrical rate increase 21% lower than the provisional rate increase it had approved in June.

Puerto Rico Gov. Ricardo Rosselló proposed new labor laws to improve the commonwealth’s employment and economy.

Puerto Rico Gov. Ricardo Rosselló asked the Oversight Board to extend the stay on debt-litigation and the deadline for completing the commonwealth’s fiscal plan.

Two bond insurance subsidiaries of Assured Guaranty Ltd. have made interest payments to holders of insured general obligation and other bonds after Puerto Rico and certain of its instrumentalities failed to pay on Jan. 3, 2017.

Puerto Rico creditors presented arguments in federal court in Boston as they asked a judge to lift a stay on litigation over the island’s debt, even as an official in San Juan said the government there would seek to have it extended.

New Puerto Rico Gov. Ricardo Rosselló is taking steps to immediately cut the government’s spending and revenues.

A U.S. Congressional Research Service report may undermine the position on Puerto Rico’s status held by one of the island’s two main political parties, according to an opposition party leader.

Puerto Rico Governor-Elect Ricardo Rosselló announced an initiative to improve technology to make the government cheaper and more efficient.

Shutting down the operations could put the GDB's payment of $3.8 billion of debt into question and hurt the finances of Puerto Rico's municipalities.

The Puerto Rico Electric Power Authority announced that it had given the money for its January payment to its bond trustee.

Puerto Rico Governor–Elect Ricardo Rosselló named Jose Marrero Rosado to oversee the government's Office of Management and Budget.

The board of the Puerto Rico Aqueduct and Sewer Authority fired the authority’s president Alberto Lázaro Castro on Friday.

The Puerto Rico Electric Power Authority won a legal case challenging its consensual debt restructuring agreement and said it will make its January bond payment.