Puerto Rico officials have reduced an upcoming Puerto Rico Municipal Finance Agency bond deal by nearly $200 million, while at the same time the commonwealth's incoming administration prepares to evaluate the island's fiscal challenges.

In addition Gov.-elect Luis Fortuño yesterday announced his nomination of Banco Santander of Puerto Rico president Carlos M. Garcia as president of the Government Development Bank for Puerto Rico, pending board approval. Garcia will replace current GDB president Jorge Irizarry once the new administration begins in early January.

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