Puerto Rico

The Puerto Rico legislature is debating the venue where bond disputes would be heard.

Rep. Dave Camp's tax reform proposal would provide some additional revenue stability to the beleaguered island, and the controversial discussion draft is welcomed by the commonwealth's representative in Congress and others working to advance the territory's interests.

Puerto Rico bond yields rallied Wednesday and Thursday, in a sign of hope for a successful bond sale next month.

The Puerto Rico Supreme Court today largely upheld the Puerto Rico government's December reform of the judicial pension system.

Northeast issuers sold $93.1 billion of municipal bonds in 2013, down 17.4% from 2012.

Puerto Rico plans to sell roughly $2.8 billion in tax-exempt general obligation bonds in March, in what would be the government's first bond sale since 2012.

Moody's Investors Service put three major Puerto Rico banks on downgrade review Tuesday evening.

Moody's Investor's Service downgraded bonds from the University of Puerto Rico two notches deeper into the speculative realm.

Legislation providing for a federally-sponsored vote on Puerto Rico's admission as a state is now pending in both chambers of Congress.

The Financial Industry Regulatory Authority has received dozens of filings for arbitration investors who say they were harmed by unsuitable advice doled out by UBS Financial Services of Puerto Rico when the market for the commonwealth's bonds declined.

Puerto Rico said it would issue general obligation bonds in its upcoming sale, shifting from earlier indications that the debt would be backed by sales tax revenue.

Fitch Ratings downgraded Puerto Rico's general obligation and related debt to the speculative grade BB from the investment grade BBB-minus on Tuesday morning.

Fitch Ratings said it has downgraded the ratings for the commonwealth of Puerto Rico general obligation bonds to BB from BBB-minus.

Barclays Capital, RBC Capital Markets and Morgan Stanley will be lead managers for Puerto Rico's upcoming general obligation bond issue, the commonwealth said in an announcement Tuesday.

The Government Development Bank for Puerto Rico Tuesday announced that the commonwealth of Puerto Rico expects to issue general obligation bonds in the near term to refinance certain outstanding obligations and address the government's liquidity needs and will detail its plans in a webcast Feb. 18.

Moody's Investors Service downgraded the Puerto Rico Electric Power Authority to Ba2 from Baa3, increasing the amount of the territory’s speculative grade debt to $63.3 billion.

With new issuance at dismal levels and investors gearing up for a three-day weekend, participants in the municipal bond market this week are focusing their attention on the impact of a second downgrade on Puerto Rico debt.

Moody's Investors Service on Friday delivered a two-notch downgrade to Puerto Rico's general obligation bonds, a deeper, more far reaching cut than the one imposed by Standard & Poor's three days earlier.

Puerto Rico's planned debt issue may still find demand among mutual funds after the commonwealth was cut to a junk grade by Standard & Poor's, even though some fund managers are restricted from buying speculative paper.

The Puerto Rico government may emphasize cutting spending in its effort to balance its budget, said its budget director Carlos Rivas.