Puerto Rico

Puerto Rico won't set aside money to pay general obligation debt and will set up an emergency spending fund, under bills signed by Gov. Alejandro García Padilla.

House Speaker Paul Ryan, R-Wis., announced on Monday that Sen. Orrin Hatch, R-Utah, would serve as the chairman of the Congressional Task Force on Economic Growth for Puerto Rico.

The lead attorney representing the interests of holders of COFINA senior bonds answered some questions about the bondholders’ goals and what is going on with the bonds.

Puerto Rico’s employment situation continued to improve in June, with total employment up 2% from a year earlier.

Assured Guaranty subsidiaries sued Puerto Rico over its diversion of toll revenues that had supported insured bonds.

Six hedge and investment funds holding Puerto Rico general obligation bonds sued Puerto Rico leaders Wednesday, seeking the government to use its money to pay GO bonds.

S&P Global Ratings said it has lowered its rating on certain Puerto Rico Public Buildings Authority's bonds, as well as on the Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority's series 2011A bonds, to D (default) from CC following a default on payment of debt service on July 1.

An investor in Puerto Rico Highways and Transportation Authority bonds has sued Puerto Rico officials and the PRHTA.

Republicans delegates adopted a 2016 platform at their national convention in Cleveland that supports statehood for Puerto Rico, but not for the District of Columbia. The GOP also wants to abolish the Internal Revenue Service, overhaul the federal tax code, and expand the use of P3s for infrastructure projects.

The Puerto Rico rescue bill sets the stage for a control board that some say may be ill suited to solving the island's unprecedented crisis.

Congressional leaders have named the eight members who will serve on a legislative task force responsible for examining possible ways to boost Puerto Rico’s struggling economy.

The Puerto Rico Electric Power Authority performed twice as badly as budgeted in the first 10 months of the fiscal year.

Puerto Rico’s representative in Congress is asking Gov. Alejandro García Padilla to take steps to comply with a portion of the recently enacted law, PROMESA, that requires cost estimates for new commonwealth legislation to be disclosed after an oversight board is created.

S&P Global Ratings said it has lowered its long-term rating and underlying rating on the Puerto Rico Highway and Transportation Authority's subordinated transportation revenue bonds, series 1998, state infrastructure bank, to D (default) from CC, following a default on scheduled debt service due July 1, 2016.

Puerto Rico Gov. Alejandro García Padilla said on Tuesday that Puerto Rico’s struggle with its recent fiscal crisis may be an example for larger states and municipalities that have financial struggles they must deal with in the future.

The Puerto Rico Aqueduct and Sewer Authority’s risk for default has risen along with that of the commonwealth, according to S&P Global Ratings.

S&P Global Ratings said it lowered its ratings on Puerto Rico Aqueduct & Sewer Authority's (PRASA) series 2008 and 2012 senior-lien revenue bonds two notches to CC from CCC-minus.

LOS ANGELES - The U.S. territories of Guam and the U.S. Virgin Islands won't get a ratings change after the Puerto Rico Oversight, Management, and Economic Stability Act was signed into law, S&P Global Ratings said this week.

The House approved a bill by voice vote on Monday that would put an end to a current legal loophole that a lawmaker contends has led to financial losses for many Puerto Rican investors and retirees.

The Centers for Medicare and Medicaid Services (CMS) released a proposed rule that could help Puerto Rico retain many physicians who otherwise may have considered leaving the fiscally troubled island.