Puerto Rico

Puerto Rico has indicated that September may be the start of the commonwealth government’s monetary defaults.

About 53% of open end mutual funds have exposure to some type of Puerto Rico debt, down from almost 70% in 2014, according to Morningstar Inc.

Puerto Rico Gov. Alejandro García Padilla has signed a fiscal year 2016 General Fund budget for $9.8 billion.

Amid talks of Puerto Rico’s looming debt crisis, two senators plan to introduce companion legislation to a bill that would allow Puerto Rico to grant Chapter 9 bankruptcy powers to troubled public entities on the economically distressed island.

The Puerto Rico Electric Power Authority made the full $415 million bond payment due Wednesday and promised to reach a comprehensive restructuring plan with its creditors by Sept. 1.

The Puerto Rico Electric Power Authority announced Wednesday morning that it was making the full $416 million bond payment due Wednesday.

Puerto Rico faces a fight from one of its biggest bondholders as it seeks to reduce debt service payments for several years.

Puerto Rico's insolvency is a game changer that will have a deep and far-reaching impact on the market, municipal professionals said Tuesday at a Bond Buyer conference in Chicago.

Puerto Rico's government is seeking several years of reduced debt service payments, according to the governor and his staff.

Puerto Rico Gov. Alejandro García Padilla may have worsened relations with traditional municipal investors when he acknowledged long-standing concerns that the commonwealth cannot pay its $72 billion in municipal bond debts.