Puerto Rico

Members of the newly appointed Puerto Rico Oversight Board don’t know the depth of the fiscal problems they will have to address, said Richard Ravitch, the island government’s non-voting representative to the board.

The Financial Industry Regulatory Authority ordered UBS to pay $750,000 in damages to two Puerto Rico bondholders.

S&P Global Ratings said it lowered certain of its issue-level ratings on the Government Development Bank For Puerto Rico's (GDB) senior unsecured notes outstanding to D (default) from CC following confirmation of missed interest payments on debt service due Aug. 1 and Sept. 1, 2016.

The Municipal Securities Rulemaking Board is urging a congressional task force to ensure Puerto Rico and its authorities follow five key principles with regard to their municipal debt, including voluntarily disclosing to investors information on bank loans, alternative financings, and other information that could affect their debt or credit profiles.

A federal judge in Puerto Rico is allowing a lawsuit that challenges a Gov. Alejandro García Padilla executive order that declared a moratorium on constitutional debt payments after PROMESA was enacted to move forward without a stay.

How Puerto Rico government corruption has hurt the economy and contributed to the island’s $70 billion debt crisis.

The congressional task force on Puerto Rico announced Tuesday that it is extending to Oct. 14 its deadline for interested stakeholders to submit recommendations on how to promote economic growth within the commonwealth.

Puerto Rico Gov. Alejandro García Padilla named Richard Ravitch to represent the governor's positions to the PROMESA oversight board.

Two Puerto Rico control board members came under fire from local politicians and analysts, who said they should have been disqualified because of past connections to the government that created the island's $70 billion debt crisis.

Congress must allow Puerto Rico residents to vote on statehood and establish parity between the territory and states with regard to health care and tax credits to help the island’s struggling economy and address its fiscal crisis, Rep. José Serrano, D-N.Y., told a task force.