Puerto Rico

Saying that Puerto Rico's liquidity is critically low, the Puerto Rico Oversight Board recommended Wednesday that the island's government immediately adopt emergency spending cuts.

The president of Puerto Rico’s main opposition party said financial disclosures reported in The Bond Buyer may disqualify some members of the federal Oversight Board and staff.

Puerto Rico Oversight Board Interim Executive Director Ramón Ruiz owns at least $265,000 in Puerto Rico bonds and debt, in what some observers said may be a violation of federal laws on conflict of interest.

Investors are mindful of the lessons of Puerto Rico’s financial distress as they chase higher yields and the benefits of interest payments that aren’t taxable by the federal government or by any U.S. state or municipality.

Puerto Rico Gov. Ricardo Rosselló nominated experienced energy sector professional Ricardo Ramos to be the new executive director the Puerto Rico Electric Power Authority.

Rosselló made a request to extend the stay on debt-related lawsuits till the end of the year in his fiscal plan, released Wednesday, in a move that drew objections from bondholder groups.

Puerto Rico Gov. Ricardo Rosselló submitted a 10-year fiscal plan to the Oversight Board that would allow for annual debt payments of about 18% to 41% of debt due.

Puerto Rico Gov. Ricardo Rosselló said he would be handing in a 10-year fiscal plan that avoids cuts to essential government services.

Puerto Rico Electric Power Authority bondholders face greater uncertainty after the utility’s contract with the firm leading its restructuring efforts expired, Moody’s Investors Service said in a report Monday.

Resignations by nearly all of the leadership at the University of Puerto Rico in protest to budget cuts have heightened S&P Global Ratings’ concerns over the school’s debt challenges.