Puerto Rico

Puerto Rico Gov. Alejandro García Padilla, who will soon decide whether the commonwealth will default on a debt service payment, and Pedro Pierluisi, the territory's representative in Congress, will headline a Senate committee hearing on Tuesday to address the commonwealth's fiscal and debt crisis, as well as possible fixes.

Puerto Rico’s government, after fanning concerns that it won’t be able to make bond payments due in December, said it plans to pay Christmas bonuses this year.

Puerto Rico Gov. Alejandro García Padilla announced Friday that he was replacing his chief of staff.

The United States Bureau of Labor Statistics released a mixed employment report for Puerto Rico on Friday.

Standard & Poor's Ratings Services said it has corrected by lowering its underlying rating on Puerto Rico Highways and Transportation Authority's transportation revenue bonds (series D) with CUSIPs 745190J41 and 745190J58 to CC from BBB.

Puerto Rico officials said they would present the structure of a proposed comprehensive debt exchange to various creditors Friday.

The next few weeks will be perilous for Puerto Rico, several economists and policy experts told The Bond Buyer, though they disagreed about the actions the commonwealth should take.

New Ways and Means Committee chair Rep. Kevin Brady, R-Texas, said on Wednesday that he plans to solicit the views of House members on tax reform over the next few months.

Securities and Exchange Commission chair Mary Jo White on Wednesday declined to take a position on a bill that would increase hedge fund reporting in the wake of fund purchases of Puerto Rico’s debt, saying it has both pros and cons..

Puerto Rico's congressional representative Pedro Pierluisi strongly opposed the idea of the federal government imposing a federal fiscal control board on Puerto Rico, warning it would be "a blatant exercise of colonialism."

Puerto Rico said recently that there is no reason to believe that its debt is unconstitutional, but that this issue could arise in legal disputes if there is no “consensual restructuring” of the debt.

Puerto Rico needs to be put on life support and the way to do it is through bankruptcy, former Detroit bankruptcy Judge Steven Rhodes told The Bond Buyer in an interview.

The Puerto Rico House of Representatives approved a fiscal oversight board on Thursday.

The Senate Judiciary Committee will hold a hearing on Dec. 1 to explore Puerto Rico’s fiscal problems and the potential options that are available to help the island, panel chair Chuck Grassley, R-Iowa, announced Thursday

The Puerto Rico Senate has changed a proposed fiscal control board into a fiscal oversight board.

Puerto Rico Gov. Alejandro García Padilla said if the bondholders don’t agree to new terms on their debt, he will choose to pay for the needs of the people before paying the commonwealth’s creditors.

Puerto Rico Highways and Transportation Authority repurchased $228.5 million of transportation revenue refunding bonds issued in 2007, reducing Ambac Financial Group, Inc.'s exposure in Puerto Rico.

In September Puerto Rico's economic activity index went up on a year-over-year basis for the first time since December 2012.

Three of the Puerto Rico Electric Power Authority's four creditor groups adopted a formal debt restructuring agreement with the authority.

Rep. Nydia Velazquez, D- N.Y., introduced a bill Wednesday that would substantially increase hedge fund reporting requirements in response to ongoing concerns about hedge funds' role in Puerto Rico's financial crisis.