Puerto Rico

Puerto Rico's congressional representative Pedro Pierluisi strongly opposed the idea of the federal government imposing a federal fiscal control board on Puerto Rico, warning it would be "a blatant exercise of colonialism."

Puerto Rico said recently that there is no reason to believe that its debt is unconstitutional, but that this issue could arise in legal disputes if there is no “consensual restructuring” of the debt.

Puerto Rico needs to be put on life support and the way to do it is through bankruptcy, former Detroit bankruptcy Judge Steven Rhodes told The Bond Buyer in an interview.

The Puerto Rico House of Representatives approved a fiscal oversight board on Thursday.

The Senate Judiciary Committee will hold a hearing on Dec. 1 to explore Puerto Rico’s fiscal problems and the potential options that are available to help the island, panel chair Chuck Grassley, R-Iowa, announced Thursday

The Puerto Rico Senate has changed a proposed fiscal control board into a fiscal oversight board.

Puerto Rico Gov. Alejandro García Padilla said if the bondholders don’t agree to new terms on their debt, he will choose to pay for the needs of the people before paying the commonwealth’s creditors.

Puerto Rico Highways and Transportation Authority repurchased $228.5 million of transportation revenue refunding bonds issued in 2007, reducing Ambac Financial Group, Inc.'s exposure in Puerto Rico.

In September Puerto Rico's economic activity index went up on a year-over-year basis for the first time since December 2012.

Three of the Puerto Rico Electric Power Authority's four creditor groups adopted a formal debt restructuring agreement with the authority.