Puerto Rico Aqueduct & Sewer Authority

A survey shows local business owners are more pessimistic than they were six months ago.

The authority will takes steps to raise $1 billion to address expected growth of expenses.

While expenditures also grew, revenues came in 4.5% higher than projections and were higher than the authority's cost growth.

With the ink still drying on the central government restructuring, analysts give takeaways from Puerto Rico's bankruptcy. Some point to credit fundamentals, others to lack of willingness to pay, as key drivers of the bankruptcies.

Some critics say relying on federal aid may obscure the underlying problems Puerto Rico faces in the longer term as it emerges from bankruptcy.

The Puerto Rico Fiscal Agency and Financial Advisory Authority has requested pre-qualified investment banks to provide ideas and opportunities for refunding for savings.

To become law, the bill would have to pass the House of Representatives and Senate, gain the governor's signature, and avoid potential blocks by the Puerto Rico Oversight Board and lawsuits.

The Economic Activity Index is up 3.5% from a year earlier.

The local planning board is more optimistic about the next 10 years of Gross National Product growth than is the Oversight Board.

Island employment was up overall from 2020 figures.

Municipal bonds ended the week unchanged for the sixth consecutive trading session as inflows surged as more than $7 billion is headed to market next week.

The governor and the legislature are at odds on how to make the increases, which could affect more than half of the workforce.

The authority succeeded in selling unrated bonds to take out CCC-rated bonds.

Preliminary yields in the offering memorandum show spreads of 112 to 169 basis points over triple-A benchmarks, substantially lower than spreads seen in a successful speculative grade PRASA refunding in December.

While the truckers returned to work Thursday night, their union said board interference could lead to a renewed strike.

The $10.1 billion General Fund focuses on operational improvements, Medicaid reform, and enhancing tax compliance.

Economists in Puerto Rico panned the proposal to raise the rate to $9 per hour saying it would hurt businesses.

The board set a noon Thursday deadline for repeal of Act 7, otherwise it will seek a legal remedy.

Biden called on Congress to amend the Social Security Act to include Puerto Rican residents for benefits. The Oversight Board has said the benefits would lead to $1 billion more per year to island residents.

The board plans to pick an operator for PREPA's electrical generation in second half of this year.