U.S. Virgin Islands

The financially distressed utility has less than two weeks to find a substitute supplier of 80% of its fuel.

Puerto Rico's employment trends are better than its fellow territory's since the onset of the COVID-19 pandemic, say Federal Reserve Bank of New York analysts.

With 16 days left to the U.S. House of Representatives' session, a bill to raise the rate languishes in committee.

The goal is to reduce energy costs and exposure to energy price spikes.

Moody's says the cut is a credit negative for the U.S. Virgin Islands' matching fund bonds.

The pension system has sued WAPA demanding immediate payment of more than $2 million in employee contributions.

Incumbent Gov. Albert Bryan Jr. will face Sen. Kurt Vialet in a gubernatorial general election in November.

Ownership issues seem to be worked out, more or less, but reopening the refinery remains in doubt.

Changing federal policies toward hurricane aid may change these events' credit impacts.

The board also approved a rollover of bond anticipation notes because it doesn't have access to the bond market.

After next fiscal year, the governor expects both revenues and spending to increase.

Analysts agree with Moody's that the island still faces financial risks.

The system is seeking about $7.7 million of past due contributions and loans.

The long bond on the exempt $955 million tranche have traded stronger in the secondary market since pricing.

Investors pulled more from municipal bond mutual funds in the latest week, with Refinitiv Lipper reporting $2.038 billion of outflows, up from $1.503 billion of outflows in the previous week.

Holders tendered about 75% of U.S. Virgin Islands Public Finance Authority bonds that were eligible for a tender offer.

The Virgin Islands Public Finance Authority and Matching Fund Special Purpose Securitization Corporation plans to price $793.025 million of tax-exempt and $124.960 million of taxables.

The USVI government intends to refund the remainder of its outstanding bonds at the end of March.

If all goes to plan, officials say the deal would prevent the islands' pension system from running out of money.

Virgin Islands Sen. Kurt Vialet said he expects the legislature to approve the refunding bill by Monday. The current bill does not include an interest rate cap that killed a refunding deal attempted in September 2020.