Puerto Rico

Puerto Rico's debt and budget situations have improved but its political culture and economic trajectory haven't, many observers say.

Separately, the Puerto Rico Oversight Board approved the second consecutive consensually agreed upon budget, balanced according to modified accrual standards.

The bond parties want the U.S. Court of Appeals for the First Circuit in Boston to overturn the U.S. District Court's rulings on their efforts to gain control of PREPA.

Bond parties said U.S. District Court Judge Laura Taylor Swain's arguments against a claim were wrong on several bases.

The local government is seeking to replace LUMA Energy as the island's transmission and distribution company.

The defendants include many of the largest municipal bond underwriters.

MBIA says it isn't responsible for what its subsidiaries did.

The Energy Bureau said rate adjustments that would help pay off debt should be considered after a PREPA plan of adjustment is approved.

U.S. District Judge Laura Taylor Swain ordered the parties in the PREPA bankruptcy to focus on the bondholders' accounting counterclaim.

Judge Laura Taylor Swain is allowing the continued examination of a count in which a trustee is challenging fees, and some proceeds, of pre-bankruptcy bonds.