Puerto Rico

Puerto Rico's July-through-October revenue collections are nearly on target, with receipts coming in just $1 million below budgeted estimates.

Standard & Poor’s Monday revised its outlook on Puerto Rico’s $9 billion of general obligation debt to positive from stable as the commonwealth plans to issue up to $350 million of tax-exempt GO bonds to restructure existing debt and refinance variable-rate bonds.

Piper Jaffray & Co. issued a report last week warning of the potential investment risks in Puerto Rico if it does not address its pension fund challenges.

Puerto Rico officials are looking to sell on Nov. 23 up to $350 million of tax-exempt general obligation bonds that will restructure debt and refinance variable-rate bonds.

Puerto Rico Gov. Luis Fortuño Monday evening released an expansive tax-reform initiative to slash individual and business taxes by $1.2 billion per year, on average, between 2011 and 2016.

A special commission last week recommended that Puerto Rico strengthen its pension systems by increasing employer and worker contributions, raising the retirement age, and placing limits on pension benefits, among other measures.

The Puerto Rico Electric Power Authority will sell $200 million of tax-exempt refunding debt early next week to generate interest-rate savings.

The Puerto Rico Public-Private Partnerships Authority announced its short list of four consortiums Wednesday that may submit proposals in a potential long-term lease agreement involving the island’s busiest toll road.

Puerto Rico should consider cutting employee benefits, boosting employee contributions and implementing a special tax to shore up its pension system, according to a report Wednesday from the Center for the New Economy.

Moody’s Investors Service Tuesday revised Puerto Rico’s general obligation credit to negative from stable, affecting about $29 billion of outstanding debt, as the commonwealth’s pension system is only 9.8% funded and carries a $17 billion liability.

Fitch Ratings Tuesday downgraded $1.3 billion of Puerto Rico Aqueduct and Sewer Authority senior revenue debt to BBB from BBB-plus.

The Puerto Rico Public-Private Partnership Authority last week received eight responses from infrastructure investment firms looking to bid on a potential long-term lease agreement for the commonwealth’s busiest roadway.

Puerto Rico gets nearly 70% of its electricity from oil, and residents there confront energy bills that are about twice what consumers pay on the U.S. mainland. The territory is trying to change that.

Puerto Rico is gearing up to issue approximately $2.55 billion of restructuring and new-money debt before the end of the year amid signs of rising economic activity.

Puerto Rico lawmakers Monday began hammering out a fiscal 2011 budget in conference committee after both chambers last week added changes to the spending plan.

Puerto Rico's economic activity index increased for the fourth month in a row to 130.3, a 02% increase from the prior month.

Puerto Rico's ability to pass on-time budgets is poised to gain traction as the Legislature anticipates voting on a $9.13 billion spending plan for fiscal 2011.

University of Puerto Rico officials and students reached an agreement this week that will end a two-month strike that shut down campuses and will allow the university to complete the school semester.

Puerto Rico is embarking on a new school construction program that will incorporate a public-private partnership approach financed with $750 million of taxable qualified school construction bonds.

Here comes the private sector.