Puerto Rico

The Puerto Rico Electric Power Authority moved a step closer Friday to opening an important natural gas port that would lower its operating costs.

In the aftermath of Moody's deep downgrade of several key Puerto Rico bonds, the United States Treasury said it supported Puerto Rico's progress.

Moody's Investors Service has downgraded Puerto Rico's general obligation rating to Caa1 from B2 and downgraded a variety of other important Puerto Rico bonds.

A House panel will hold a hearing Feb. 26 on legislation that would allow Puerto Rico government-owned corporations to restructure their debts under Chapter 9 of the Federal Bankruptcy Code.

The U. S. House Judiciary Committee will hold hearings in the next few weeks to consider making Puerto Rico's public corporations and municipalities eligible for Chapter 9 bankruptcy.

The Financial Industry Regulatory Authority has fined two firms $370,000 for violating securities rules in their management of Puerto Rico funds, and dinged another firm $50,000 for violating trade reporting requirements.

Puerto Rico reported that the liquidity position of the Government Development Bank of Puerto Rico improved $105 million in January but General Fund revenues came in $19 million short in the same month.

S&P's multiple notch downgrades of several Puerto Rico bonds to B will have little impact on Puerto Rico's efforts to rebuild its economy and credit, municipal analysts said.

The Puerto Rico Aqueduct and Sewer Authority plans in March to sell a bond to repay $200 million due at the end of that month and meet up to 18 months of capital expenses.

Standard & Poor's has downgraded Puerto Rico's General Obligation rating to B from BB.

Puerto Rico Gov. Alejandro García Padilla proposed a tax overhaul intended to reduce tax evasion and promote economic growth as the commonwealth looks to repair its finances and junk-rated credit.

Puerto Rico’s legislature has voted to remove the limits on the discount for the planned oil tax bond.

Bond insurers Assured Guaranty and MBIA may be among the beneficiaries after a federal judge ruled Puerto Rico's Recovery Act was unconstitutional, according to analysts at BTIG LLC.

A federal court rejection of Puerto Rico's public corporation bankruptcy law has heightened uncertainty about the future of Puerto Rico debt.

The Government Development Bank for Puerto Rico has hired Todd Hagerman as head of investor relations.

Puerto Rico's government spending is meeting budgetary projections, the director of the Commonwealth's budget office said Thursday.

Standard & Poor's Ratings Services said it affirmed its BB long-term rating and underlying rating on the University of Puerto Rico's existing university system revenue bonds, some of which were issued by the Puerto Rico Industrial, Tourist, Educational, Medical, & Environmental Control Facilities Financing Authority, and removed the ratings from CreditWatch with negative implications.

The Puerto Rico Aqueduct and Sewer Authority posted better than expected financial results for the second half of the fiscal year.

A proposal in President Obama's budget that would impose a minimum tax on U.S.-controlled foreign income could have major ramifications for Puerto Rico, analysts said.

Puerto Rico’s Economic Activity Index declined 0.3% in December compared to the value for November.