The Puerto Rico Oversight Board's plan to have enough money to pay 26% of debt due in the next nine years is a "first salvo" whose debt payment terms are likely to be negotiated, municipal experts said.

The board's fiscal plan, approved on Monday, has dollar numbers that are still "preliminary," said Shaun Burgess, who oversees Cumberland Advisors' Puerto Rico bond portfolio. Cumberland only owns insured Puerto Rico bonds. "I think there's still more to these negotiations," he said.

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