Puerto Rico

Puerto Rico Gov. Alejandro García Padilla's developing plan to restructure the public sector's $72 billion of debt is part of a larger plan to dramatically change its governmental practices.

Fitch Ratings said it has downgraded the commonwealth of Puerto Rico's general obligation and related debt ratings to CC from B.

The Puerto Rico Senate approved an automatic spending reduction mechanism to be used when there are revenue shortfalls.

Puerto Rico’s Senate, in the midst of a credit crisis, passed a balanced budget that covers general obligation debt and increases the appropriation to the Government Development Bank for its liabilities.

Puerto Rico’s House of Representatives passed a balanced budget that may necessitate a restructuring of Government Development Bank debt.

Puerto Rico Gov. Alejandro García Padilla’s administration is pressing for Congress to stop focusing on the question of Puerto Rico’s statehood and instead shift its energy to giving the island territory access to Chapter 9 bankruptcy powers that exist in the states.

The GDB’s leadership gained immunity from lawsuits Tuesday but learned Wednesday that it was losing its chairman of the board, David Chafey.

The Puerto Rico Electrical Power Authority announced Tuesday that it had replaced several of its leaders, including its executive director.

Puerto Rico’s government is considering a bill that would allow postponement of monthly set-asides for long-term general obligation debt payments.

The Puerto Rico House of Representatives is expected to pass a balanced budget Monday.