Puerto Rico

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.

Four senators urged President Obama and congressional leaders on Thursday to only nominate and appoint qualified individuals from Puerto Rico to serve on the oversight board to be created under recently passed legislation designed to help the commonwealth with its fiscal crisis.

Puerto Rico hasn't made an allotment for debt service seven days into the current fiscal year.

Puerto Rico's chief financial officer, Melba Acosta Febo, is ending her service to the commonwealth July 31.

S&P Global Ratings said it has downgraded the commonwealth of Puerto Rico's general obligation secured debt to D (default) from CC following the commonwealth's default on debt service due July 1.

The Puerto Rico Aqueduct and Sewer Authority will delay payments on loans and renegotiate loan agreement terms under U.S. state revolving fund and rural development programs, according to two forbearance agreements detailed in an event notice posted on EMMA on Wednesday.

The plaintiffs want the court to declare Puerto Rico’s Moratorium Act to be illegal and unconstitutional.

Fitch Ratings said it has downgraded the commonwealth of Puerto Rico's long-term issuer default rating (IDR) to RD from C and general obligation bond rating to D from C following the payment default on certain GO bonds on July 1.

S&P Global Ratings said it believes the Commonwealth of Puerto Rico will default on its July 1, general obligation (GO) and appropriation-backed bond principal and interest payments, based on executive orders signed yesterday by Governor Garcia Padilla declaring a debt moratorium.

Puerto Rico was poised to pay less than a fifth of the guaranteed debt due on Friday, with none of the payment going to the general obligation debt, according to sources.

Gov. Alejandro Garcia Padilla late Thursday invoked Puerto Rico’s Moratorium Act on the payment of general obligation bonds and obligations of other public entities, opening the door to making partial payments on about $2 billion of debt due Friday.