Puerto Rico

The municipal bond market prepared for the possibility of its biggest default ever after the Puerto Rico legislature approved a law to allow public corporations to restructure their debt.

Puerto Rico Aqueduct and Sewer Authority said it doesn't anticipate restructuring its debt under a planned restructuring law for the commonwealth's public corporations.

Puerto Rico's fiscal year 2015 budget is advancing through Puerto Rico's legislature.

Puerto Rico's unemployment rate continued to decline in May, dropping to 13.8% from 14.1% in April.

Workers at two large Puerto Rico public corporations have approved going on strike.

The Puerto Rico Superior Court refused to hear a suit by Doral Financial against the Puerto Rico Treasury, but the firm said it has another venue to fight its $229 million dispute with the commonwealth's treasury.

Puerto Rico's Senate approved belt-tightening measures for government employees, a prerequisite for the adoption of Gov. Alejandro García Padilla's budget.

Puerto Rico's House of Representatives approved belt-tightening measures for government employees Friday.

Puerto Rico's House of Representatives is expected to vote on cuts to worker pay on Friday while some government workers are striking in protest.

Following Fitch Rating's downgrade of the Puerto Rico Electric Power Authority's ratings to BB and placement on Negative Watch, Fitch has placed the following ratings for AES Puerto Rico L.P. on Rating Watch Negative.