U.S. Virgin Islands

Hurricane Irma’s financial impact on the U.S. Virgin Islands' government may be greater than that in Puerto Rico.

The region's slipping volume reflected a national trend.

The U.S. Virgin Islands said downgrades of its debt by two rating agencies this week were based on Puerto Rico’s recent history of defaults.

Fitch Ratings said it has downgraded the ratings of the United States Virgin Islands and the USVI Public Finance Authority.

The U.S. Virgin Islands Water and Power Authority borrowed $14.8 million last week at a nearly 11% interest rate and plans to borrow $70 million more through bonds in the next nine weeks.

The U.S. Virgin Islands' proposed budget may be overly optimistic in its revenue and spending assumptions, according to a Fitch Ratings analyst.

U.S. Virgin Islands governor Kenneth Mapp is cutting spending with an eye on moving toward a structurally balanced budget.

The U.S. Virgin Islands’ current financial woes are discussed with Fitch Ratings Senior Director Marcy Block. She says the government’s recent actions have helped it in the short-term but haven’t adequately addressed its long-term problems. Hosted by Robert Slavin.

The V.I. Water and Power Authority will attempt to issue $85 million in bonds in coming months to help finance the ongoing transition from fuel oil to LPG, WAPA officials said Friday.