Puerto Rico

After a month in power, Puerto Rico Gov. Alejandro García Padilla has answered some of the financial community's questions while raising others.

Puerto Rico's voters made history in November when, for the first time, they voted in favor of becoming a state.

Moody's Investors Service placed tobacco settlement revenue bonds of issuers in 17 states and two territories under review with direction uncertain because of legal settlement announced in December. The action affects $20.5 billion of debt.

Standard & Poor's placed the Puerto Rico Highway and Transportation Authority's bonds on CreditWatch with negative implications.

On the heels of its downgrade of Puerto Rico's general obligation debt, Moody's Investors Service has cut the ratings for the U.S. territory's electric power authority and university system.

The economic leadership of Puerto Rico's incoming administration promised Monday to hit the ground running to address the island's financial problems.

Mirroring increasing investor concern about Puerto Rico, Moody's downgraded the commonwealth's general obligation debt to Baa 3 from Baa1 on Thursday afternoon.

Juan Carlos Batlle, the president of Puerto Rico's bank and financial advisor, will end his nearly two-year tenure at the end of the year. A new president has not yet been announced.

The election of Puerto Rico's new governor is causing uncertainty among investors and a possible downgrade from Standard & Poor's.

Puerto Ricans on Tuesday voted for a new governor and a new political status.

Puerto Rico voters will advise on Tuesday if they want to become a state or remain a commonwealth. A statehood vote could affect the island's triple tax-exempt status.

Credit spreads on Puerto Rico bonds continue to widen, improving the risk-reward proposition, according to a report released on Thursday by Alan Schankel at Janney Capital Markets.

With successful public-private partnerships under its belt, and more underway, Puerto Rico is leading the way in a market that has been slow to catch on in the United States.

Slide show of Puerto Rico Public Private Partnerships P3s

Standard & Poor's revised its outlook on about $1.1 billion of outstanding bonds of the Puerto Rico Municipal Finance Agency to negative from stable.

A public-private partnership to develop a $400 million light rail line in San Juan, P.R. might utilize parking revenue, fares, and other sources to finance the project, according to city officials.

Credit spreads on Puerto Rico's general obligation bonds have widened by as much as 70 basis points from the beginning of the year, while similarly rated bonds have seen spreads narrowing.

After Standard & Poor's warned of a downgrade last month, Fitch Ratings has affirmed its rating on the Employees Retirement System of the Commonwealth of Puerto Rico's senior pension funding bonds.

Puerto Rico's debt load, exceeding $60 billion, and pension liabilities are a challenge to the island's fiscal ability and investors should limit their exposure, cautions Alan Schankel of Janney Capital Markets.

Standard & Poor's revised the outlook to negative from stable on the Employees Retirement System of Puerto Rico, saying a downgrade is possible if the commonwealth does not address the pension problem in the next year.