Puerto Rico

Three former Puerto Rican officials and another defendant were found guilty of various charges of government corruption Friday.

The SEC has given a subpoena concerning the 2012 and 2013 bonds to PREPA, which is cooperating in the investigation, the power utility said Thursday.

Puerto Rico Gov. Alejandro García Padilla told the Oversight Board that his government has already taken extensive austerity measures in a relatively poor society and that further austerity isn't the way to go.

Puerto Rico’s economic activity index rose 0.2% in August from July, its second straight month-over-month increase.

A Puerto Rico government commission report raised concerns over debt-service coverage, illegalities, disclosures and accounting issues regarding $673 million of bonds issued by the island’s power utility in 2013.

The Puerto Rico Oversight Board, at an initial meeting that was interrupted by protests, named José Carrion III chairman and ordered the island government to provide a fiscal plan next month.

The Puerto Rico Electric Power Authority will attempt change the mind of the Puerto Rico Energy Commission concerning the Aguirre Offshore Gasport.

Despite an increasing possibility that the Puerto Rico Sales Tax Financing Corp. (COFINA) will make full debt service payments through 2017, S&P Global Ratings' CC rating with a negative outlook on COFINA's sales tax bond reflect its continued opinion of COFINA's high likelihood of default.

Groups opposed to the Puerto Rico Oversight Board plan to try to prevent its first meeting on Friday in New York City.

Puerto Rico’s retirement system plans to join an ongoing lawsuit filed against UBS over the alleged mishandling of pension obligation bond proceeds.

The Puerto Rico Energy Commission issued a five year plan for the island’s power authority, saying the utility had failed to come up with an acceptable alternative.

Puerto Rico Gov. Alejandro García Padilla said Friday morning that as of 6 a.m. 75% of Puerto Rican customers had electrical service.

Puerto Rico’s power outage may signal a need for greater investment in electric infrastructure, hurting returns for Puerto Rico Electric Power Authority bondholders who are in negotiations with the utility to restructure its business and debt.

Puerto Rico was hit by a major electrical outage sometime between 2 p.m. and 3 p.m. Wednesday.

U.S. House of Representatives staff person Bill Cooper denied reports he has been made the executive director of the Puerto Rico Oversight Board.

The Puerto Rico Aqueduct and Sewer Authority, seeking to fund safe drinking water projects amid the debt crisis, is trying to regain control of $188 million that’s frozen at the island’s Government Development Bank.

Puerto Rico’s Employment Shrank in August From July.

Rafael Hernández Montañez, a leading Puerto Rican legislator, called for the ouster of Carlos García from the Puerto Rico Oversight Board.

Responding to stories in The Bond Buyer and at least one other news outlet, Director of the Puerto Rico Office of Management and Budget Luis Cruz Batista said his office has been aware of Puerto Rico’s $2 billion in segregated funds all along.

Puerto Rico's August revenues came in 1.9% above budget projections.