Puerto Rico

Puerto Rico’s employment weakened in January compared to December.

Sen. Bob Menendez, D-N.J., and several other Senate Democrats introduced two bills on Monday to give Puerto Rico broad restructuring powers as well as better federal tax and healthcare treatment, but the legislative package is likely to face stiff resistance in Congress where many Republicans have opposed territory-wide debt adjustments.

The Puerto Rico Electric Power Authority is preparing to privately place $111 million in bonds by March 28.

The Puerto Rico House of Representatives passed a bill to help the Puerto Rico Aqueduct and Sewer Authority Thursday.

Puerto Rico Gov. Alejandro García Padilla said a senior member of U.S. House Speaker Paul Ryan’s legislative delegation reaffirmed a commitment to prompt action that would give the commonwealth the tools for a debt restructuring.

The chairman of the Puerto Rico House Treasury and Budget Committee called for major tax changes including $1.2 billion in tax cuts and spending measures.

Puerto Rico will delay an increase in a business-to-business services tax by at least two months to allow more time to consider alternatives.

Standard & Poor's Ratings Services said its CCC-minus ratings on Puerto Rico Aqueduct & Sewer Authority's senior-lien revenue bonds and commonwealth-supported debt remain on CreditWatch with negative implications.

To keep current on its own bonds Puerto Rico Aqueduct and Sewer Authority may divert money owed to the Puerto Rico Infrastructure and Finance Authority, the Government Development Bank for Puerto Rico, and the U.S. Department of Agriculture.

Amid growing political opposition Governor Alejandro García Padilla may exercise his option for a 60 day delay.