Puerto Rico

Puerto Rico Gov. Alejandro García Padilla announced major changes to three finance departments, including moving Melba Acosta from Treasury to the Government Development Bank for Puerto Rico.

Doral Financial in San Juan, Puerto Rico, has prevailed in its court battle with the territory's Treasury Department over a substantial tax refund.

The Government Development Bank for Puerto Rico completed a $900 million borrowing deal with banks on Friday.

UBS has agreed to compensate 34 Puerto Rico-based investors for their losses in investments in their municipal bond closed ended funds.

The Government Development Bank for Puerto Rico sold $350 million in tax and revenue anticipation notes late on Thursday.

Puerto Rico's revenues were 2% below projections for the first quarter of the fiscal year, Puerto Rico’s Treasury reported Thursday.

Puerto Rico Gov. Alejandro García Padilla signed legislation on Tuesday to allow the commonwealth to sell up to $1.2 billion in tax and revenue anticipation notes.

The Puerto Rico Treasury reported that September sales and use tax collections were 8.5% above last year's September collections.

Puerto Rico-based Doral Bank's troubles with the Federal Deposit Insurance Corporation have grown. On Sept. 26 Doral received a letter from the FDIC stating it found Doral to be "significantly undercapitalized."

Puerto Rico tax and revenue anticipation notes will carry a 7.75% coupon and mature on June 30, 2015.