Puerto Rico

In a win for the Oversight Board and bondholders, an appeals court shut down a teachers' associations challenge, but another case challenging the plan has yet to be decided.

The board says the governor will have to make many changes to its budget.

The majority on the court said upholding the benefits could have opened the door to a broad range of other federal benefits to Puerto Rico residents.

Revenues were also up compared to the Oversight Board's projection made on Jan. 27.

Several additional steps would be needed before the private operator of the transmission and distribution grid would be removed.

The Oversight Board says an adversary complaint affecting HTA claims remains active, contradicting a statement made to the court last month.

The underwriters filed a defense to the court earlier this month and analysts are skeptical of MBIA’s chances of prevailing.

The measure would cut the number of balanced budgets needed for the island to achieve fiscal independence.

A blackout that affected almost all of Puerto Rico Wednesday still had more than half of Puerto Rico Electric Power Agency customers without electricity Friday.

The Economic Development Bank estimated the first half of fiscal 2022 had experienced a 5.5% increase in growth, upward from a 3.6% increase in previous estimates.

Some say judge's goal of a May 2 plan of adjustment seems increasingly unlikely.

The governor highlighted the positive role of federal aid on the island.

Without a reversal in UST or municipal bond mutual fund outflows, munis will continue to be pressured.

The commonwealth's unemployment rate hit a record low in February.

The board said the projects will result in up to $387 million of savings over a 15-year period.

Some critics say relying on federal aid may obscure the underlying problems Puerto Rico faces in the longer term as it emerges from bankruptcy.

Any new debt deal already would require rate increases to cover debt service on the authority’s roughly $9 billion of debt.

Assured Guaranty Municipal Corp. and Assured Guaranty Corp. both resolved their exposure to its insured Puerto Rico debts leading to the upgrade to A1.

Swain said several mediators involved in the central government's plan of adjustment are unavailable for the PREPA deal. The Oversight Board says the local legislature will not be included in the negotiations.

The Investment Company Institute on Wednesday reported $2.258 billion of outflows in the week ending March 9, down from $3.502 billion of outflows in the previous week.