Puerto Rico

A Puerto Rico judge has revived an “audit” of Puerto Rico’s debt.

The new PREPA deal would force un-insured bondholders to accept a loss of principal, unlike the previous deal, which allowed retention of bonds at face value.

Two senators have asked Puerto Rico's oversight board to show it is following PROMESA.

In this week's Muni Minute, we examine Puerto Rico's debt restructuring negotiations, which are scheduled to begin this week... if the bondholders show up.

Assured Guaranty Corp. formally requested that the Puerto Rico Oversight Board revoke certification of the 10-year fiscal plan on the grounds of material non-compliance with Puerto Rico Oversight Management and Economic Stability Act.

Gov. Ricardo Rosselló said creditors of the utility agreed to reduce debt service by $1.5 billion over five years.

Moody’s Investors Service downgraded $13 billion in Puerto Rico bonds on Wednesday, citing increasing pessimism about recoveries on the bonds.

A federal appeals court upheld a stay on debt-related lawsuits in a key Puerto Rico lawsuit, reversing a lower court decision.

Municipal bond insurer analysts are rechecking their estimates of potential losses in Puerto Rico after the federal control board approved a 10-year plan that assumes less than 24% of debt coming due will be repaid.

The Puerto Rico Oversight Board is seeking to start debt talks on April 13.