Puerto Rico

S&P Global Ratings said it has lowered its long-term rating and underlying rating on the Puerto Rico Highway and Transportation Authority's subordinated transportation revenue bonds, series 1998, state infrastructure bank, to D (default) from CC, following a default on scheduled debt service due July 1, 2016.

Puerto Rico Gov. Alejandro García Padilla said on Tuesday that Puerto Rico’s struggle with its recent fiscal crisis may be an example for larger states and municipalities that have financial struggles they must deal with in the future.

The Puerto Rico Aqueduct and Sewer Authority’s risk for default has risen along with that of the commonwealth, according to S&P Global Ratings.

S&P Global Ratings said it lowered its ratings on Puerto Rico Aqueduct & Sewer Authority's (PRASA) series 2008 and 2012 senior-lien revenue bonds two notches to CC from CCC-minus.

LOS ANGELES - The U.S. territories of Guam and the U.S. Virgin Islands won't get a ratings change after the Puerto Rico Oversight, Management, and Economic Stability Act was signed into law, S&P Global Ratings said this week.

The House approved a bill by voice vote on Monday that would put an end to a current legal loophole that a lawmaker contends has led to financial losses for many Puerto Rican investors and retirees.

The Centers for Medicare and Medicaid Services (CMS) released a proposed rule that could help Puerto Rico retain many physicians who otherwise may have considered leaving the fiscally troubled island.

Four senators urged President Obama and congressional leaders on Thursday to only nominate and appoint qualified individuals from Puerto Rico to serve on the oversight board to be created under recently passed legislation designed to help the commonwealth with its fiscal crisis.

Puerto Rico hasn't made an allotment for debt service seven days into the current fiscal year.

Puerto Rico's chief financial officer, Melba Acosta Febo, is ending her service to the commonwealth July 31.