Puerto Rico

The decision is a setback for National Public Finance Guarantee’s efforts to cut its losses in the island’s power utility debt restructuring.

Puerto Rico introduced a 4% professional services and business to business tax to increase revenue amid the commonwealth’s liquidity crisis.

Key Senate Republicans made clear during a Senate Finance Committee hearing on Tuesday that they do not intend to move forward with bills providing Chapter 9 bankruptcy protection for Puerto Rico’s authorities and instead want more information on the territory’s struggling finances and $71 billion of debt as well as how to fix them.

Tight liquidity is a bigger problem than high debt for Puerto Rico’s government, Cumberland Advisors vice president Michael Comes said Tuesday.

Puerto Rico's government defended itself against a claim that it overstated anticipated cash shortfalls by $8.4 billion in the next five fiscal years.

Rep. Nydia Velázquez wants to extend protections under the Investment Company Act of 1940 to Puerto Rico, saying their absence caused Puerto Ricans to suffer losses when they invested in mutual funds heavily stocked with the financially struggling commonwealth’s bonds.

Sen. Orrin Hatch, R-Utah, has announced four invited speakers who bring varying views on the merits of Chapter 9 bankruptcy protection in Puerto Rico for Tuesday’s House Finance Committee hearing on the commonwealth’s fiscal health in light of its $71 billion in debt.

Puerto Rico’s economic activity index went down in July but bounced back up in August.

Puerto Rico’s increased oil tax is providing some help to its Government Development Bank, which may help ease an anticipated November cash shortfall for the government.

The Senate Finance Committee will hold a hearing on Sept. 29 to discuss the “dire financial situation” in Puerto Rico, committee chair Sen. Orrin Hatch, R-Utah, said Tuesday.