Puerto Rico

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.

Puerto Rico's efforts to stave off a growing financial crisis could turn its bonds into junk-rated debt, BlackRock's municipal bonds group said Thursday.

Puerto Rico's economic and financial leaders, seeking to reassure investors in its municipal debt, unveiled a five-year plan to diversify the economy.

Bond insurers are poised to withstand the possible fallout from ratings downgrades or defaults on the industry's $16 billion of Puerto Rico bond exposure.

Puerto Rico officials sought to quell bankruptcy concerns over the commonwealth's issuers, calling such an outcome "completely out of the question" on an investor call Tuesday afternoon.

Puerto Rico now believes first quarter revenues were up 5.4% rather than 4.4% as had been announced on Oct. 7.

Puerto Rico's presentation of its financial and economic plans will be open to all this afternoon.

Puerto Rico chose Barclays and RBC Capital Markets to underwrite its bond sales in the rest of the year, after secondary market yields for its debt soared to double digits.

Massachusetts is investigating the sale of Puerto Rico bonds by three major financial firms.

The White House and the United States Treasury will introduce ideas to promote Puerto Rican economic growth in the next few months.

Puerto Rico's government revenues rose 18% in September from a year earlier and were up 4.4% in the first quarter of this fiscal year, the commonwealth's Treasury Department reported.

Moody's Investors Service downgraded the Puerto Rico Sales Tax Financing Corportation’s (COFINA) senior sales tax bonds to A2 from Aa3.

UBS AG is investigating the behavior of its financial advisors in Puerto Rico.

The federal government is closely monitoring the deteriorating fiscal health of Puerto Rico and is considering ways it might assist the struggling island, an effort complicated by political headwinds and the unique status of U.S. territories and their bonds.