Puerto Rico

A group of Puerto Rico consumers and businesses sued the Puerto Rico Electric Power Authority, professionals at PREPA, and other energy companies for more than $1 billion.

Assured Guaranty, the biggest municipal bond insurer by par value, is poised to rally in the stock market in part because its losses on Puerto Rico debt may turn out to be less than investors fear, according to analysts at BTIG.

The Puerto Rico Electric Power Authority moved a step closer Friday to opening an important natural gas port that would lower its operating costs.

In the aftermath of Moody's deep downgrade of several key Puerto Rico bonds, the United States Treasury said it supported Puerto Rico's progress.

Moody's Investors Service has downgraded Puerto Rico's general obligation rating to Caa1 from B2 and downgraded a variety of other important Puerto Rico bonds.

A House panel will hold a hearing Feb. 26 on legislation that would allow Puerto Rico government-owned corporations to restructure their debts under Chapter 9 of the Federal Bankruptcy Code.

The U. S. House Judiciary Committee will hold hearings in the next few weeks to consider making Puerto Rico's public corporations and municipalities eligible for Chapter 9 bankruptcy.

The Financial Industry Regulatory Authority has fined two firms $370,000 for violating securities rules in their management of Puerto Rico funds, and dinged another firm $50,000 for violating trade reporting requirements.

Puerto Rico reported that the liquidity position of the Government Development Bank of Puerto Rico improved $105 million in January but General Fund revenues came in $19 million short in the same month.

S&P's multiple notch downgrades of several Puerto Rico bonds to B will have little impact on Puerto Rico's efforts to rebuild its economy and credit, municipal analysts said.