Puerto Rico

While expenditures also grew, revenues came in 4.5% higher than projections and were higher than the authority's cost growth.

Teachers petition court for a rehearing before the full appeals court panel of judges.

The local government's bond restructuring law specified the tax was to go to the General Fund starting on March 15.

Holders of $4.3 billion of HTA bonds will receive $1.2 billion of new bonds with 5% coupons and $389 million of cash.

With the ink still drying on the central government restructuring, analysts give takeaways from Puerto Rico's bankruptcy. Some point to credit fundamentals, others to lack of willingness to pay, as key drivers of the bankruptcies.

Issue is disposition of $1 billion to $2 billion of Puerto Rico government funds.

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.