Puerto Rico

It is going to be very difficult for the 2 million Puerto Ricans who do not live in poverty to pay $68 billion of principal, plus tens of billions of interest, plus uncertain amounts of swap termination fees, plus billions of unfunded pension obligations. How was it possible for all this debt to have been accumulated?

Puerto Rico's already high unemployment rate took a substantial jump up from June to October.

During October, Puerto Rico bond prices recouped a portion of their late-summer plunge that pushed yields above 10% for certain bonds. The rebound followed efforts by Commonwealth officials to address the island's wide-ranging fiscal challenges, plus speculation that the federal government might step in to assist Puerto Rico.

UBS AG offered to repurchase some shares of its Puerto Rico bond funds after the commonwealth's debt has lost 16 percent this year.

Puerto Rico's October revenues were revised upward on Thursday.

All agree that Puerto Rico's electrical system must change but disagree on what form the change should take.

A federal interagency task force, created to advise the Puerto Rican government on fiscal and economic matters, will meet with Puerto Rican officials next month, but will not provide any additional financial assistance, knowledgeable sources said.

Puerto Rico's pension funded ratio of 8.4% for 2012 was far worse than any of the 50 states, Morningstar, Inc., said in pension reports for 23 individual states and the territory it released on Wednesday.

The Puerto Rico legislature has voted to postpone a cut in the island's sales tax rate to 6.5% from 7%.

The Puerto Rico Treasury is taking a variety of steps to crack down on tax evasion, including hiring 195 professionals to crack down on the practice.

Fitch Ratings placed the BBB-minus rating of Puerto Rico's general obligation bonds on rating watch negative, citing in part concerns about market access.

The Puerto Rico Aqueduct and Sewer Authority’s first quarter net revenues were 17% higher than what had been projected.

Puerto Rico's net tax revenues surged by 44.1% in October compared to October 2012.

For Puerto Rico allaying fears of a default has become as important as fixing its finances as secondary market yields soar for the commonwealth's bonds.

Oppenheimer Funds, manager of 12 of the top 14 funds in exposure to Puerto Rico, has suffered the biggest outflows in the industry over the past six weeks as investors continued to shy away from the commonwealth’s debt after yields surged.

The inability of the United States Congress to agree on a budget is delaying a possible plebiscite on Puerto Rico's status.

The Securities and Exchange Commission is conducting nationwide, "limited scope examinations" of certain mutual funds that invest in Puerto Rico securities, according to a document obtained by The Bond Buyer and knowledgeable sources.

Puerto Rico Gov. Alejandro García Padilla proposed a regulatory board and a rate reduction for the island's electric utility PREPA.

Two law firms have filed cases against UBS over losses on closed-end funds holding Puerto Rico municipal bonds.

Bad policy is the primary cause of Puerto Rico's debt problem, analysts say, but state-side investors and rating agencies may also bear responsibility.