Puerto Rico

Standard & Poor's Ratings Services said it affirmed its BB long-term rating and underlying rating on the University of Puerto Rico's existing university system revenue bonds, some of which were issued by the Puerto Rico Industrial, Tourist, Educational, Medical, & Environmental Control Facilities Financing Authority, and removed the ratings from CreditWatch with negative implications.

The Puerto Rico Aqueduct and Sewer Authority posted better than expected financial results for the second half of the fiscal year.

A proposal in President Obama's budget that would impose a minimum tax on U.S.-controlled foreign income could have major ramifications for Puerto Rico, analysts said.

Puerto Rico’s Economic Activity Index declined 0.3% in December compared to the value for November.

Puerto Rico's House of Representatives on Thursday passed bills authorizing a bond up to $225 million for public works.

Puerto Rico's unemployment rate declined by four tenths of a percentage point to 13.7% in December.

The Commonwealth of Puerto Rico has a long history of fiscal uncertainty and structural deficits. Responding to decades of general fund deficits in 2014, the rating services lowered the ratings on the Commonwealth’s general obligation credit to below investment grade, or junk status.

The recent rapid decline in oil prices may help Puerto Rico's economy and the Puerto Rico Electric Power Authority long-term but not short-term, said Moody's Investors Service.

Puerto Rico's government is getting feedback on a major tax reform that it is currently working on to improve the island's economy.

An unexpected drop in liquidity at the Government Development Bank for Puerto Rico raises the significance of a planned bond sale, Moody's Investors Service said.