U.S. Virgin Islands

The governor wants to refinance all of the territory's $1.1 billion matching fund bonds by the end of September.

The Governing Board of the Virgin Islands Public Finance Authority met Tuesday via videoconference and voted unanimously to execute the term sheets with Banco Popular and First Bank for $60 million in loans to fund government operations.

The authority may fail to pay $49 million of BANs, observers say.

Moody's says the downturn in activity will put additional pressure on the Caa3-rated issuer.

Analysts say the development is another sign of financial stress at the beleaguered utility.

Virgin Islands Gov. Albert Bryan Jr. said the government is exploring various revenue streams to support the islands' pension system.

The governor said that the government must now move toward a long-term solution to WAPA's problems.

U.S. Virgin Islands Gov. Albert Bryan forged an agreement with lawmakers to work collaboratively in identifying funding for outstanding debt tied to the island’s Water and Power Authority.

It also orders a cut to a customer charge for fuel.

A declaration would be a first step toward dealing with the insolvency of the Water and Power Authority, with $252 million of bonds outstanding.