Puerto Rico

Puerto Rico Gov. Alejandro García Padilla has proposed an 8% larger operating budget for the coming fiscal year.

Puerto Rico's "essential services" utility credits don't appear to offer investors a safe alternative to the commonwealth's general obligation debt.

On Thursday afternoon Fitch Ratings downgraded the Puerto Rico Aqueduct and Sewer Authority's senior revenue bonds to BBB-minus from BBB.

A Puerto Rico senator, who is in the same party as Gov. Alejandro García Padilla, is proposing widening the application of the commonwealth's sales tax.

Analysts are saying that when Puerto Rico comes to the market to sell bonds before July it will have to pay a high yield and will only succeed if it shows more progress towards fiscal health.

President Obama is proposing that Puerto Rico hold a plebiscite to determine its political status.

Most muni analysts say a default on Puerto Rico's general obligation debt is highly unlikely in the coming years, but they differ on the wisdom of holding the debt.

Late on Thursday night Puerto Rico's government passed a major pension reform into law.

Puerto Rico Gov. Alejandro García Padilla criticized the major ratings agencies Tuesday.

On Monday night the Puerto Rico House of Representatives and Senate approved bills to reform the commonwealth's main government pension plan.

Standard & Poor's has downgraded the Puerto Rico Aqueduct & Sewer Authority's senior lien bond rating one notch to BB-plus, a speculative grade.

New Puerto Rico Gov. Alejandro García Padilla says he is being more frugal than his predecessor regarding the size and salaries of his executive office staff.

Fitch Ratings downgraded Puerto Rico debt to BBB-minus from BBB-plus on Wednesday afternoon.

Puerto Rico Gov. Alejandro García Padilla plans to propose tax increases as part of the fiscal 2013-2014 budget.

Standard & Poor's downgraded Puerto Rico's general obligation debt rating to BBB-minus from BBB Wednesday evening. The outlook remains negative.

Several municipal bond observers are cautiously optimistic about Puerto Rico Governor Alejandro García Padilla's proposed pension reform plan.

Puerto Rico officials today unveiled a plan to raise the island's retirement age and employee contributions to strengthen a pension with a funding level lower than any U.S. state.

Puerto Rico Governor Alejandro García Padilla is going ahead with privatizing Puerto Rico's main airport.

The auditor of the Government Development Bank of Puerto Rico warns about possible defaults by government bodies within the commonwealth.

Fitch Ratings placed a variety of Puerto Rico government obligations on rating watch negative Thursday afternoon.