Puerto Rico

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.

Puerto Rico Gov. Alejandro García Padilla introduced legislation to reform the Puerto Rico Electric Power Authority today, a step PREPA’s creditors are requiring for them to accept reduced debt payments.

The parent of the biggest insurer of Puerto Rico Electric Power Authority bonds won a “buy” rating on the expectation that PREPA will soon come to an agreement in which bond insurers will suffer minimal losses at worst.

Puerto Rico Electric Power Authority officials were optimistic Friday that they would complete a debt restructuring agreement and pass related legislation quickly.

Puerto Rico could benefit from a control board similar to what Congress implemented for Washington, D.C., said former House Speaker Newt Gingrich.

The nonprofit OPEN Puerto Rico announced the founding of a municipal financial web site and a municipal financial index Thursday.

Puerto Rico Secretary of State David Bernier resigned Sunday, possibly indicating that he will run to be the next Puerto Rico governor and the current governor will not run.

Municipal professionals, insurers and bondholders criticized the United States Treasury’s proposal for a “Super Chapter 9” bankruptcy bill for Puerto Rico as dangerous.

Presidential candidate Sen. Bernie Sanders, I-Vt., has told Treasury Secretary Jack Lew that any debt in Puerto Rico that was issued in violation of the territory’s constitution “must be immediately set aside.”

Standard & Poor's Ratings Services said its ratings on $47.5 billion of tax-backed Puerto Rico (CC/Negative) debt are unchanged.

Puerto Rico Gov. Alejandro García Padilla may not run for reelection and may set up his secretary of state to succeed him, according to Puerto Rico rumors and news reports.