Puerto Rico

Puerto Rico said its general fund expenditures for the third quarter of fiscal 2012 were $1.86 billion, 1% below amounts budgeted.

Six finalists are in the running for a contract to privatize Luis Muñoz Marin International Airport in San Juan, the Puerto Rico Public-Private Partnership Authority and the Puerto Rico Ports Authority have announced.

A member of Puerto Rico's House of Representatives is asking the commonwealth's comptroller’s office to review a $2.4 million contract between the Puerto Rico Public Private Partnerships Authority and law firm Mayer Brown LLP, saying a conflict of interest exists regarding the proposed privatization of Luis Muñoz Marín International Airport.

Some of investment banking's marquee names are competing to run Puerto Rico's main airport under a privatization plan that's part of a Federal Aviation Administration pilot program.

Puerto Rico received 12 responses from infrastructure funds, U.S. private-equity firms, Canadian pensions, and developers based in Spain and India to a request for qualifications for a privatization of up to 50 years of its principal airport, near the capital, San Juan.

Moody's Investors Service downgraded Puerto Rico's general obligation rating Monday to Baa1 from A3, with a negative outlook, one day before the Puerto Rico Public Building Authority's planned pricing of $981 million of bonds.

The Puerto Rico Public-Private Partnership and the Puerto Rico Ports Authority have set Aug. 8 as the due date for responses to a request for qualifications for a privatization of Luis Munoz Marín International Airport in San Juan.

Puerto Rico will issue its first new-money general obligation bond sale in nearly three years, a $304 million offering that will help finance transportation infrastructure upgrades.

A consortium led by Goldman, Sachs & Co. will pay a total $1.43 billion to maintain and operate Puerto Rico's busiest toll road for 40 years.

Puerto Rico's general fund revenues from July through April total $6.4 billion, $105 million above budgeted estimates due to strong business tax and excise tax collections.