Puerto Rico

The Securities and Exchange Commission is conducting nationwide, "limited scope examinations" of certain mutual funds that invest in Puerto Rico securities, according to a document obtained by The Bond Buyer and knowledgeable sources.

Puerto Rico Gov. Alejandro García Padilla proposed a regulatory board and a rate reduction for the island's electric utility PREPA.

Two law firms have filed cases against UBS over losses on closed-end funds holding Puerto Rico municipal bonds.

Bad policy is the primary cause of Puerto Rico's debt problem, analysts say, but state-side investors and rating agencies may also bear responsibility.

Puerto Rico's efforts to stave off a growing financial crisis could turn its bonds into junk-rated debt, BlackRock's municipal bonds group said Thursday.

Puerto Rico's economic and financial leaders, seeking to reassure investors in its municipal debt, unveiled a five-year plan to diversify the economy.

Bond insurers are poised to withstand the possible fallout from ratings downgrades or defaults on the industry's $16 billion of Puerto Rico bond exposure.

Puerto Rico officials sought to quell bankruptcy concerns over the commonwealth's issuers, calling such an outcome "completely out of the question" on an investor call Tuesday afternoon.

Puerto Rico now believes first quarter revenues were up 5.4% rather than 4.4% as had been announced on Oct. 7.

Puerto Rico's presentation of its financial and economic plans will be open to all this afternoon.