Puerto Rico

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.

The Congressional Task Force on Economic Growth in Puerto Rico has been meeting with government agencies and gathering input from roughly 335 groups and individuals as it works to develop recommendations on how to address the commonwealth's struggling economy.

Puerto Rico’s government has located about $2 billion in funds that it may use to cover essential services.

Puerto Rico’s economic activity index was up 0.1% in July from June.

Members of the newly appointed Puerto Rico Oversight Board don’t know the depth of the fiscal problems they will have to address, said Richard Ravitch, the island government’s non-voting representative to the board.

The Financial Industry Regulatory Authority ordered UBS to pay $750,000 in damages to two Puerto Rico bondholders.

S&P Global Ratings said it lowered certain of its issue-level ratings on the Government Development Bank For Puerto Rico's (GDB) senior unsecured notes outstanding to D (default) from CC following confirmation of missed interest payments on debt service due Aug. 1 and Sept. 1, 2016.

The Municipal Securities Rulemaking Board is urging a congressional task force to ensure Puerto Rico and its authorities follow five key principles with regard to their municipal debt, including voluntarily disclosing to investors information on bank loans, alternative financings, and other information that could affect their debt or credit profiles.

A federal judge in Puerto Rico is allowing a lawsuit that challenges a Gov. Alejandro García Padilla executive order that declared a moratorium on constitutional debt payments after PROMESA was enacted to move forward without a stay.

How Puerto Rico government corruption has hurt the economy and contributed to the island’s $70 billion debt crisis.

The congressional task force on Puerto Rico announced Tuesday that it is extending to Oct. 14 its deadline for interested stakeholders to submit recommendations on how to promote economic growth within the commonwealth.