Puerto Rico

Government workers in Puerto Rico held a one-day strike on Thursday to protest Gov. Luis Fortuño’s plan to reduce the commonwealth’s workforce by 17,000 to help close a $3.2 billion structural budget deficit.

Fitch Ratings Monday downgraded the Puerto Rico Electric Power Authority to BBB-plus from A-minus as the island’s sole electric provider plans to head to market this year with an $850 million new-money deal. The outlook is stable.

Puerto Rico is moving ahead with a long-time initiative to revamp 100 acres of waterfront property between historic Old San Juan and the center of the city.