Puerto Rico

Republicans delegates adopted a 2016 platform at their national convention in Cleveland that supports statehood for Puerto Rico, but not for the District of Columbia. The GOP also wants to abolish the Internal Revenue Service, overhaul the federal tax code, and expand the use of P3s for infrastructure projects.

The Puerto Rico rescue bill sets the stage for a control board that some say may be ill suited to solving the island's unprecedented crisis.

Congressional leaders have named the eight members who will serve on a legislative task force responsible for examining possible ways to boost Puerto Rico’s struggling economy.

The Puerto Rico Electric Power Authority performed twice as badly as budgeted in the first 10 months of the fiscal year.

Puerto Rico’s representative in Congress is asking Gov. Alejandro García Padilla to take steps to comply with a portion of the recently enacted law, PROMESA, that requires cost estimates for new commonwealth legislation to be disclosed after an oversight board is created.

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.