Puerto Rico

Standard & Poor's changed the outlook on Puerto Rico's sales tax bonds to negative from stable.

Puerto Rico's economy continued its contraction in August, declining 0.4% from July and 5.4% from August 2012.

Bonds issued by the Commonwealth of Puerto Rico and related entities have experienced dramatic price swings since mid-August, amid shifting expectations about future supply and a growing media spotlight on the island's budget fundamentals.

Puerto Rico's government plans to expand its ability to issue its sales tax-backed COFINA bonds.

Puerto Rico government revenues in July and August beat projections by 1.3%, according to the Puerto Rico Treasury Department.

UBS Financial Services of Puerto Rico faces the threat of a legal action for allegedly giving incomplete and deceptive information to clients, 16 months after the unit of the Swiss banking giant paid a fine to the Securities and Exchange Commission to settle a claim it misled Puerto Rico investors.

A Puerto Rico P3 board has approved the formation of a public private partnership for constructing a Caguas-San Juan commuter rail system.

Puerto Rico's audited figures for fiscal 2012 show that its general fund deficit grew 24% from fiscal 2011.

Less than half of state pension plans met Morningstar Inc.'s threshold for healthy status in 2012 with Wisconsin again ranking the strongest and Illinois the weakest.

Several government officials are suggesting that the Puerto Rico Electric Power Authority, one of the island’s biggest issuers of debt, be restructured.

Puerto Rico's budget problems are well known, but some analysts say its weak economy is an even more fundamental problem.

Puerto Rico's P3 authority has dropped plans to use a P3 to build a juvenile detention facility, citing technical reasons.

In response to recent yield increases on Puerto Rico bonds in the secondary market, the commonwealth plans to scale back issuance for the remainder of the year.

José Pagán of the Government Development Bank of Puerto Rico defended Puerto Rico’s commitment to financial transparency.

A Puerto Rico public fund that issued a letter of credit is covering coupon payments after a bond default at a Trump Organization-managed golf resort.

The Government Development Bank of Puerto Rico said it recently sold $1.4 billion in notes to outside banks.

Puerto Rico's Economic Activity Index for July showed continued weakness, with the index down 5% year-over-year.

Standard & Poor's Municipal Bond Puerto Rico Index was down 8.9% for August through Wednesday, on track to be the worst performance in at least 14 years.

Bond insurers including Assured Guaranty and MBIA Inc. are on the hook for almost $16 billion of Puerto Rico debt as a new administration there aims to curb speculation that the U.S. territory could go the way of Detroit.

Puerto Rico's Treasury Department hired 65 auditors to cut down on tax evasion and fraud and increase recurring revenues.