Puerto Rico Infrastructure Financial Authority

Many say continued lower rate would threaten U.S. Virgin Islands' financial solvency.

They also came in 14% higher than those of December 2021.

While the bill has wide support in the Puerto Rico House of Representatives, the Oversight Board has yet to offer its opinion.

The island expects federal government funds to provide the lion's share of its resources in 2021-2025.

Had the teachers' challenge succeeded, the cost to Puerto Rico could have been $1 billion. A challenge to the plan from credit unions is before the First Circuit Court of Appeals.

With 16 days left to the U.S. House of Representatives' session, a bill to raise the rate languishes in committee.

Moody's says the cut is a credit negative for the U.S. Virgin Islands' matching fund bonds.

Revenues were 14.4% higher than those in the previous fiscal year.

The Oversight Board told Gov. Pedro Pierluisi he must take steps to make sure it's revenue neutral or it could block the new tax.

Revenues for the first 11 months of the fiscal year outpaced the Oversight Board's 12-month expectations.

The ruling means the Puerto Rico government will have $400 million less in its coffers.

A board member and Gov. Pedro Pierluisi expressed disappointment about the inability of the board and the government to come to a consensus budget.

The bill, which would overturn a 2017 law, is awaiting Gov. Pedro Pierluisi's signature to become law.

The territory has to respond to a change in U.S. tax policy that will eliminate a substantial source of revenue.

Teachers petition court for a rehearing before the full appeals court panel of judges.

In a win for the Oversight Board and bondholders, an appeals court shut down a teachers' associations challenge, but another case challenging the plan has yet to be decided.

The board says the governor will have to make many changes to its budget.

Revenues were also up compared to the Oversight Board's projection made on Jan. 27.

Puerto Rico completed the exchange of more than $33 billion of existing bonds and other claims into $7 billion of new bonds plus cash and CVIs on Tuesday.

Restructured muni debt has "typically outperformed the broader muni market, as issuers emerge from bankruptcy with higher debt-servicing capacity and the debt re-enters the municipal high-yield index," noted PIMCO.