Puerto Rico

Puerto Rico introduced a 4% professional services and business to business tax to increase revenue amid the commonwealth’s liquidity crisis.

Key Senate Republicans made clear during a Senate Finance Committee hearing on Tuesday that they do not intend to move forward with bills providing Chapter 9 bankruptcy protection for Puerto Rico’s authorities and instead want more information on the territory’s struggling finances and $71 billion of debt as well as how to fix them.

Tight liquidity is a bigger problem than high debt for Puerto Rico’s government, Cumberland Advisors vice president Michael Comes said Tuesday.

Puerto Rico's government defended itself against a claim that it overstated anticipated cash shortfalls by $8.4 billion in the next five fiscal years.

Rep. Nydia Velázquez wants to extend protections under the Investment Company Act of 1940 to Puerto Rico, saying their absence caused Puerto Ricans to suffer losses when they invested in mutual funds heavily stocked with the financially struggling commonwealth’s bonds.

Sen. Orrin Hatch, R-Utah, has announced four invited speakers who bring varying views on the merits of Chapter 9 bankruptcy protection in Puerto Rico for Tuesday’s House Finance Committee hearing on the commonwealth’s fiscal health in light of its $71 billion in debt.

Puerto Rico’s economic activity index went down in July but bounced back up in August.

Puerto Rico’s increased oil tax is providing some help to its Government Development Bank, which may help ease an anticipated November cash shortfall for the government.

The Senate Finance Committee will hold a hearing on Sept. 29 to discuss the “dire financial situation” in Puerto Rico, committee chair Sen. Orrin Hatch, R-Utah, said Tuesday.

The Puerto Rico Electric Power Authority reached a debt restructuring agreement with its lines of credit lenders Tuesday afternoon.

Puerto Rico Electric Power Authority's prospects of a consensual outcome in its debt talks were thrown into doubt after bond insurers quit the forbearing bondholder group, analysts and participants said.

The Puerto Rico Aqueduct and Sewer Authority ended fiscal year 2015 more than twice as strong as budgeted.

Puerto Rico’s unemployment rate declined to 11.6% in August from 11.9% in July.

The Obama administration is emphasizing the urgency of giving Puerto Rico the right to use a bankruptcy process for its debts.

Puerto Rico’s fiscal, economic and debt proposals will be reshaped by a wide array of discussions and negotiations over the coming weeks and months, observers say.

The Puerto Rico Aqueduct and Sewer Authority has reached a tentative settlement with the U.S. Justice Department and Environmental Protection Authority under which it will spend almost $1.54 billion to upgrade and improve its sewer systems island-wide, as well as the Puerto Nuevo system.

Eight Hispanic lawmakers called on the Department of Treasury Monday to take a more active role in helping Puerto Rico with its worsening fiscal situation by engaging Congress over pending Chapter 9 bankruptcy legislation.

The Bond Buyer and Interactive Data Corp. have introduced Puerto Rico Drilldown, an interactive tool to help bond investors sort and analyze their holdings as the commonwealth heads for the biggest debt restructuring in municipal history.

Puerto Rico Gov. Alejandro García Padilla explains why he is asking for concessions from Puerto Rico’s creditors.

It remains to be seen whether the Puerto Rico Fiscal and Economic Growth Plan will persuade investors to work with the government as it restructures about $72 billion of debt.