Puerto Rico

Standard & Poor's Ratings Services said the ratings on the Government Development Bank for Puerto Rico (GDB; CC/Negative/C) are unchanged, but continue to reflect the company's weak debt service prospects.

Puerto Rico signaled it’s giving some debts priority over others, as it began clawing back revenue from certain non-general obligation bonds while avoiding default on $355 million of Government Development Bank notes.

Puerto Rico announced late this morning that it had paid all $354 million in debt service due today on Government Development Bank notes.

Puerto Rico Gov. Alejandro García Padilla, who will soon decide whether the commonwealth will default on a debt service payment, and Pedro Pierluisi, the territory's representative in Congress, will headline a Senate committee hearing on Tuesday to address the commonwealth's fiscal and debt crisis, as well as possible fixes.

Puerto Rico’s government, after fanning concerns that it won’t be able to make bond payments due in December, said it plans to pay Christmas bonuses this year.

Puerto Rico Gov. Alejandro García Padilla announced Friday that he was replacing his chief of staff.

The United States Bureau of Labor Statistics released a mixed employment report for Puerto Rico on Friday.

Standard & Poor's Ratings Services said it has corrected by lowering its underlying rating on Puerto Rico Highways and Transportation Authority's transportation revenue bonds (series D) with CUSIPs 745190J41 and 745190J58 to CC from BBB.

Puerto Rico officials said they would present the structure of a proposed comprehensive debt exchange to various creditors Friday.

The next few weeks will be perilous for Puerto Rico, several economists and policy experts told The Bond Buyer, though they disagreed about the actions the commonwealth should take.