Puerto Rico

The Puerto Rico Electric Power Authority’s banks may hold the upper hand among creditors even though they are owed less than 10% of the utility’s debt.

Puerto Rico’s leaders reached a major tax and spending pact Friday morning that would achieve a balanced budget but may hurt the island’s economy.

Congressman Pedro Pierluisi is urging President Obama to convene an interagency meeting to discuss resolution of a Medicaid funding problem that could hit Puerto Rico as soon as September 2017.

Federal aid for Puerto Rico and its cash-strapped issuing authorities is not going to happen, former governor Luis Fortuño told municipal analysts Thursday.

Puerto Rico’s economic activity index was up for the third consecutive month in March.

For investors with risk tolerance, uninsured senior COFINA bonds are attractive compared with other island debt as well as COFINA’s own subordinate debt, Barclays analysts said.

Puerto Rico Gov. Alejandro García Padilla is promoting a revised tax and spending proposal to handle a looming budget gap in the coming fiscal year.

Puerto Rico's General Fund April revenues came in 6.8% short of budget.

Puerto Rico’s just released quarterly financial report was more ominous than its previous ones.

Puerto Rico Gov. Alejandro García Padilla is planning a 10.4% cut in spending for the coming year's budget.

Puerto Rico Gov. Alejandro García Padilla, stung by the defeat of his plan to increase revenue with a value added tax, ridiculed the idea of defaulting on the island’s debt. At the same time, he called for talks with creditors.

Pension obligation bonds are land mines municipal issuers should avoid, according to Janney Capital Markets.

The Puerto Rico Electric Power Authority, the public corporation with more than $9 billion of debt that is working with bondholders on a plan to revamp its operations, said it hired Goldman Sachs as a "potential underwriter" to work with its advisors on a "potential financing transaction."

After Puerto Rico’s House of Representatives voted down a proposed tax reform that would have increased revenues, some legislators called for alternate approaches to balancing the government’s books.

The bondholders of the Puerto Rico Electric Power Authority announced they had agreed to extend their forbearance for 35 additional days.

Puerto Rico Gov. García Padilla expects to deliver an annual state of the commonwealth speech this week without offering a budget.

Standard & Poor’s downgraded the Puerto Rico Electric Power Authority to CCC-minus from CCC, saying that a default seemed inevitable within six months.

The Puerto Rico Electric Power Authority said that the bondholders' plan to revamp its business and avoid default was overly optimistic on costs.

Puerto Rico’s tax overhaul plan took shape this week as the commonwealth’s financial authority warned of a likely government shutdown within three months due to a lack of liquidity and ability to sell bonds.

Puerto Rico banking firm OFG Bancorp said its subsidiary Oriental Bank was placing a $200 million line of credit with the Puerto Rico Electric Power Authority on non-accrual status.