Puerto Rico

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.

The Puerto Rico Electric Power Authority reached a debt restructuring agreement with its lines of credit lenders Tuesday afternoon.

Puerto Rico Electric Power Authority's prospects of a consensual outcome in its debt talks were thrown into doubt after bond insurers quit the forbearing bondholder group, analysts and participants said.

The Puerto Rico Aqueduct and Sewer Authority ended fiscal year 2015 more than twice as strong as budgeted.

Puerto Rico’s unemployment rate declined to 11.6% in August from 11.9% in July.

The Obama administration is emphasizing the urgency of giving Puerto Rico the right to use a bankruptcy process for its debts.

Puerto Rico’s fiscal, economic and debt proposals will be reshaped by a wide array of discussions and negotiations over the coming weeks and months, observers say.

The Puerto Rico Aqueduct and Sewer Authority has reached a tentative settlement with the U.S. Justice Department and Environmental Protection Authority under which it will spend almost $1.54 billion to upgrade and improve its sewer systems island-wide, as well as the Puerto Nuevo system.

Eight Hispanic lawmakers called on the Department of Treasury Monday to take a more active role in helping Puerto Rico with its worsening fiscal situation by engaging Congress over pending Chapter 9 bankruptcy legislation.