Puerto Rico

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.

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.