Puerto Rico

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.

The GDB for Puerto Rico, fiscal agent and financial advisor to the Commonwealth of Puerto Rico, ranked number seven among top issuers of municipal debt in 2011, taking advantage of market conditions to sell $3.6 billion of notes.

Moody’s Investors Service has revised its rating outlook on the University of Puerto Rico to negative and confirmed the Baa2 rating on its pledged revenue bonds and Baa3 rating on its Series 2000A bonds.

In the largest municipal bond sale thus far in 2012, Puerto Rico sold $2.3 billion of its public improvement refunding bonds, upsized from an expected $1.5 billion priced ahead of schedule.

The Puerto Rico Aqueduct and Sewer Authority is set to come to market with $1.25 billion of senior-lien revenue bonds, the largest scheduled sale in the long-term market so far this year.

Standard & Poor's has placed the Puerto Rico Highway and Transportation Authority's grant anticipation revenue bonds on credit watch with negative implications.

Moody's Investors Service assigned a negative outlook to the Puerto Rico Electric Power Authority's $8.23 billion of outstanding power revenue bonds while affirming its A3 rating.

Puerto Rico said its general fund expenditures for the third quarter of fiscal 2012 were $1.86 billion, 1% below amounts budgeted.

Six finalists are in the running for a contract to privatize Luis Muñoz Marin International Airport in San Juan, the Puerto Rico Public-Private Partnership Authority and the Puerto Rico Ports Authority have announced.

A member of Puerto Rico's House of Representatives is asking the commonwealth's comptroller’s office to review a $2.4 million contract between the Puerto Rico Public Private Partnerships Authority and law firm Mayer Brown LLP, saying a conflict of interest exists regarding the proposed privatization of Luis Muñoz Marín International Airport.

Some of investment banking's marquee names are competing to run Puerto Rico's main airport under a privatization plan that's part of a Federal Aviation Administration pilot program.