Puerto Rico

Puerto Rico faces a fight from one of its biggest bondholders as it seeks to reduce debt service payments for several years.

Puerto Rico's insolvency is a game changer that will have a deep and far-reaching impact on the market, municipal professionals said Tuesday at a Bond Buyer conference in Chicago.

Puerto Rico's government is seeking several years of reduced debt service payments, according to the governor and his staff.

Puerto Rico Gov. Alejandro García Padilla may have worsened relations with traditional municipal investors when he acknowledged long-standing concerns that the commonwealth cannot pay its $72 billion in municipal bond debts.

The White House reiterated that the federal government won't offer bailout support to Puerto Rico after Gov. Alejandro García Padilla said the island's debt is not payable and that a debt restructuring is necessary,

Puerto Rico Gov. Alejandro García Padilla's developing plan to restructure the public sector's $72 billion of debt is part of a larger plan to dramatically change its governmental practices.

Fitch Ratings said it has downgraded the commonwealth of Puerto Rico's general obligation and related debt ratings to CC from B.

The Puerto Rico Senate approved an automatic spending reduction mechanism to be used when there are revenue shortfalls.

Puerto Rico’s Senate, in the midst of a credit crisis, passed a balanced budget that covers general obligation debt and increases the appropriation to the Government Development Bank for its liabilities.

Puerto Rico’s House of Representatives passed a balanced budget that may necessitate a restructuring of Government Development Bank debt.

Puerto Rico Gov. Alejandro García Padilla’s administration is pressing for Congress to stop focusing on the question of Puerto Rico’s statehood and instead shift its energy to giving the island territory access to Chapter 9 bankruptcy powers that exist in the states.

The GDB’s leadership gained immunity from lawsuits Tuesday but learned Wednesday that it was losing its chairman of the board, David Chafey.

The Puerto Rico Electrical Power Authority announced Tuesday that it had replaced several of its leaders, including its executive director.

Puerto Rico’s government is considering a bill that would allow postponement of monthly set-asides for long-term general obligation debt payments.

The Puerto Rico House of Representatives is expected to pass a balanced budget Monday.

Puerto Rico Gov. Alejandro García Padilla is seeking immunity for the leadership and staff of the Government Development Bank in preparation for a possible debt crisis.

Lobbyists are pressuring lawmakers over a proposed bill to allow the territory’s authorities to declare bankruptcy, as a House panel prepares to hold a hearing on whether the territory should become a state.

The Government Development Bank for Puerto Rico is planning to offer a voluntary exchange for up to $4 billion in outstanding notes, according to the El Vocero website.

All of Puerto Rico Electric Power Authority’s stakeholders must make financial contributions to restore PREPA to financial stability, the authority’s chief restructuring officer Lisa Donahue told lawmakers Tuesday.

To get through a cash shortage this summer, Puerto Rico’s government may borrow from the island’s semi-autonomous government entities.