Puerto Rico

Moody's Investors Service put three major Puerto Rico banks on downgrade review Tuesday evening.

Moody's Investor's Service downgraded bonds from the University of Puerto Rico two notches deeper into the speculative realm.

Legislation providing for a federally-sponsored vote on Puerto Rico's admission as a state is now pending in both chambers of Congress.

The Financial Industry Regulatory Authority has received dozens of filings for arbitration investors who say they were harmed by unsuitable advice doled out by UBS Financial Services of Puerto Rico when the market for the commonwealth's bonds declined.

Puerto Rico said it would issue general obligation bonds in its upcoming sale, shifting from earlier indications that the debt would be backed by sales tax revenue.

Fitch Ratings downgraded Puerto Rico's general obligation and related debt to the speculative grade BB from the investment grade BBB-minus on Tuesday morning.

Fitch Ratings said it has downgraded the ratings for the commonwealth of Puerto Rico general obligation bonds to BB from BBB-minus.

Barclays Capital, RBC Capital Markets and Morgan Stanley will be lead managers for Puerto Rico's upcoming general obligation bond issue, the commonwealth said in an announcement Tuesday.

The Government Development Bank for Puerto Rico Tuesday announced that the commonwealth of Puerto Rico expects to issue general obligation bonds in the near term to refinance certain outstanding obligations and address the government's liquidity needs and will detail its plans in a webcast Feb. 18.

Moody's Investors Service downgraded the Puerto Rico Electric Power Authority to Ba2 from Baa3, increasing the amount of the territory’s speculative grade debt to $63.3 billion.