Puerto Rico

The Government Development Bank for Puerto Rico sold $350 million in tax and revenue anticipation notes late on Thursday.

Puerto Rico's revenues were 2% below projections for the first quarter of the fiscal year, Puerto Rico’s Treasury reported Thursday.

Puerto Rico Gov. Alejandro García Padilla signed legislation on Tuesday to allow the commonwealth to sell up to $1.2 billion in tax and revenue anticipation notes.

The Puerto Rico Treasury reported that September sales and use tax collections were 8.5% above last year's September collections.

Puerto Rico-based Doral Bank's troubles with the Federal Deposit Insurance Corporation have grown. On Sept. 26 Doral received a letter from the FDIC stating it found Doral to be "significantly undercapitalized."

Puerto Rico tax and revenue anticipation notes will carry a 7.75% coupon and mature on June 30, 2015.

Puerto Rico's economic activity index in August was down 0.7% compared to July.

Puerto Rico's 2013 efforts to financially strengthen its pension plans faltered in 2014 in the face of the commonwealth's overall fiscal problems and an adverse court decision.

Reports are coming out of Puerto Rico that the commonwealth government's finance team is likely to see major changes in the near future.

Puerto Rico Gov. Alejandro García Padilla appointed Victor Suárez Melendez as his new chief of staff Sept. 19.

Puerto Rico's unemployment rate rose to 13.5% in August from 13.1% in July.

Construction on the final phase of a major Puerto Rico housing and commercial development project in San Juan started Sept. 18.

Puerto Rico House of Representatives President Jaime Porelló Borás is working to have Puerto Rico's anticipated $900 million tax and revenue anticipation note governed by New York State law.

Puerto Rico plans to sell a $900 million tax and revenue anticipation note within the next 30 days.

Puerto Rico's August revenues were 5.8% less than projections.

The Puerto Rico Electric Power Authority appointed Lisa Donahue as its chief restructuring officer citing her successful experiences turning around distressed large companies.

The New York Times is reporting that AlixPartners will lead the restructuring of the Puerto Rico Electric Power Authority.

Two key members of the Puerto Rico House of Representatives have proposed significant changes to Puerto Rico's tax system.

Puerto Rico's government is closer to naming a master developer to repurpose the United States Navy's former Roosevelt Roads base through development that the government expects to create 20,000 long-term jobs.

Puerto Rico is doubling fares on its Tren Urbano rail line in San Juan to prop up the finances of the transit system.