Puerto Rico Industrial Development Co

The board also said the local government's $18 billion in the bank doesn't give it additional money to pay bondholders.

The gain was led by a 53% jump in revenue from the Act 154 excise tax, which is due to be phased out.

Treasury Secretary Steve Mnuchin said Puerto Rico will have to look for an alternative to the Act 154 tax.

Judge Laura Taylor Swain sided with the Oversight Board as it sues the local government to comply with its fiscal plans.

She also names Elí Díaz Atienza to fill the role as her representative to the Oversight Board.

It remains unclear how the new governor may alter the Puerto Rican government's stance in the suit.

The Oversight Board urged the federal government to provide more help to the island’s people and businesses.

Puerto Rico’s economic activity index slipped 0.7% in June from a year earlier, as the economic boost from federal hurricane recovery aid receded.

Puerto Rico's governor looks to patch up a scandal-ridden administration before his own resignation takes effect.

With a weakened government, the Oversight Board may be emboldened to take more unilateral actions on bond restructuring, analysts said.