Puerto Rico

Puerto Rico's weak economy and the commonwealth's government are continuing to pressure Puerto Rico banks, Moody's Investors Service said Tuesday.

Puerto Rico's Doral Financial Corp., which ratings agencies believe may be near bankruptcy, is demanding Puerto Rico's Treasury Department pay it $230 million immediately.

Puerto Rico's April revenues came in 26% below government projections, largely because corporate taxes came in $380 million short.

Puerto Rico-based Doral Financial Corp. is likely to default on more than $150 million in municipal notes and bonds, ratings agencies said.

The Puerto Rico government's recently released four-year economic plan covers many policies besides strictly economic initiatives, notably education and energy.

The Federal Reserve is studying Puerto Rico as an indicator of the level of risk in the muni market, where heavy retail investor presence can make behavior unpredictable, an economist with one its banks told municipal analysts on Thursday.

Puerto Rico plans to sell a $500 million municipal sales tax based bond in fiscal year 2015.

Puerto Rican investors in municipal bond closed-ended funds run by UBS AG, Banco Popular and Popular Securities sued the firms.

Net revenues of the Puerto Rico Aqueduct and Sewer Authority are ahead of budgeted expectations by 7.1% in the first nine months of the fiscal year.

Puerto Rico's government has posted an English language summary of the governor's proposed fiscal 2015 budget.

Like it or not, getting wealthy individuals to move to the Island in order to avoid U.S. taxes appears now to be a cornerstone of Puerto Rico's growth drive and is characteristic of the country's eternal search for a quick and painless way to grow.

It is virtually impossible to predict what would happen if Puerto Rico's financial situation deteriorated to the point where it could no longer repay its debts, experts on distressed municipalities said Thursday.

Puerto Rico Gov. Alejandro García Padilla's State of the Commonwealth speech won praise from municipal analysts, even though some quibbled with his claim that the budget would be balanced in the coming fiscal year.

In advance of Puerto Rico Gov. Alejandro García Padilla's budget speech Tuesday evening, analysts were hopeful that the budget would be a major step forward.

Puerto Rico Gov. Alejandro García Padilla will propose a balanced budget and a four-year economic plan Tuesday night, his chief of staff said.

Puerto Rico's economic activity index was up 0.6% in March from February.

To aid Puerto Rico's struggling economy, Gov. Alejandro García Padilla plans to incorporate ideas from a growth and competitiveness task force in his state of the commonwealth speech.

Puerto Rico's employment situation continued improvement in March.

The Government Development Bank of Puerto Rico has posted its auditor's report on fiscal 2013 showing the GDB's exposure to the Puerto Rico Highways and Transportation Authority.

If Puerto Rico cannot find a way to address the deficit in the commonwealth’s teachers' pension, it would be a credit negative, said Fitch and Standard & Poor's.