Puerto Rico

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.

The commonwealth awards a $2.6 billion contact after bidding that attracted some of investment banking's biggest names.

Aerostar Airport Holdings and Gruopo Aeuropuertos Avance submitted their proposals for a public-private partnership to run the Luis Muñoz Marín International Airport this week.

Moody's Investors Service upgraded the Puerto Rico Industrial Development Company's general purpose revenue bonds to Baa1 from Baa2 and change the outlook to stable, based on stable revenue and debt service coverage.

Standard & Poor's revised the Government Development Bank of Puerto Rico's outlook to negative from stable.

More Puerto Rico bonds are coming to market on Tuesday in a $78 million sale of higher education revenue debt and revenue refunding bonds.

Around $600 million of Puerto Rico bonds are coming to the market on Thursday, one day after Standard & Poor's revised the commonwealth's outlook to negative.

Fitch Ratings has downgraded to A from A-plus the Puerto Rico Housing Finance Authority’s $384.5 million capital fund program bonds, Series A and B of 2008. The outlook is negative.

For the first three quarters of its fiscal year, Puerto Rico’s expenses are running below budget, according to the quarterly review released on Monday by the government’s Office of Management and Budget.

Moody's Investors Service has placed the ratings of the Puerto Rico Sales Tax Financing Corp.'s outstanding senior and subordinated sales tax revenue bonds on review for possible downgrade.

The Puerto Rico Electric Power Authority upsized its expected $475 million deal to $650 million on Tuesday, one day ahead of schedule.