Puerto Rico

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.

S&P Global Ratings said it has downgraded the commonwealth of Puerto Rico's general obligation secured debt to D (default) from CC following the commonwealth's default on debt service due July 1.

The Puerto Rico Aqueduct and Sewer Authority will delay payments on loans and renegotiate loan agreement terms under U.S. state revolving fund and rural development programs, according to two forbearance agreements detailed in an event notice posted on EMMA on Wednesday.

The plaintiffs want the court to declare Puerto Rico’s Moratorium Act to be illegal and unconstitutional.

Fitch Ratings said it has downgraded the commonwealth of Puerto Rico's long-term issuer default rating (IDR) to RD from C and general obligation bond rating to D from C following the payment default on certain GO bonds on July 1.

S&P Global Ratings said it believes the Commonwealth of Puerto Rico will default on its July 1, general obligation (GO) and appropriation-backed bond principal and interest payments, based on executive orders signed yesterday by Governor Garcia Padilla declaring a debt moratorium.

Puerto Rico was poised to pay less than a fifth of the guaranteed debt due on Friday, with none of the payment going to the general obligation debt, according to sources.