Puerto Rico

Puerto Rico bondholders have reason to be optimistic about overturning the island's debt payment moratorium in court, based on rulings by the judge handling most of the litigation.

Three former Puerto Rican officials and another defendant were found guilty of various charges of government corruption Friday.

The SEC has given a subpoena concerning the 2012 and 2013 bonds to PREPA, which is cooperating in the investigation, the power utility said Thursday.

Puerto Rico Gov. Alejandro García Padilla told the Oversight Board that his government has already taken extensive austerity measures in a relatively poor society and that further austerity isn't the way to go.

Puerto Rico’s economic activity index rose 0.2% in August from July, its second straight month-over-month increase.

A Puerto Rico government commission report raised concerns over debt-service coverage, illegalities, disclosures and accounting issues regarding $673 million of bonds issued by the island’s power utility in 2013.

The Puerto Rico Oversight Board, at an initial meeting that was interrupted by protests, named José Carrion III chairman and ordered the island government to provide a fiscal plan next month.

The Puerto Rico Electric Power Authority will attempt change the mind of the Puerto Rico Energy Commission concerning the Aguirre Offshore Gasport.

Despite an increasing possibility that the Puerto Rico Sales Tax Financing Corp. (COFINA) will make full debt service payments through 2017, S&P Global Ratings' CC rating with a negative outlook on COFINA's sales tax bond reflect its continued opinion of COFINA's high likelihood of default.

Groups opposed to the Puerto Rico Oversight Board plan to try to prevent its first meeting on Friday in New York City.