Puerto Rico

Four California and Chicago school districts are among issuers to earn negative outlooks in Fitch revisions after a ruling in Puerto Rico's bankruptcy.

One group of GO holders says that pre-fiscal 2012 guaranteed debt should have higher priority for repayment than the newer bonds.

Assured Guaranty indicated it is interested in reaching a deal on PREPA bonds rather than continuing its quest for a PREPA receiver.

A fourth audit in two months fuels the perception that the IRS has launched an enforcement initiative involving the island territory.

The proposed 2020 budget has $139 million for the payment of debt.

The step is said to be unprecedented in the history of Chapter 9 bankruptcy.

Twenty-three members of Congress are urging the Oversight Board to pull back the bonds' underwriting and other fees.

Focus remained on the municipal primary as more supply swept into the market on Wednesday.

The IRS audit of the Puerto Rico Municipal Finance Agency's $59 million in 2005 Series B Refunding Bonds is the third IRS audit of tax-advantaged bonds involving the commonwealth announced over the last six weeks.

The board acknowledged Puerto Rico is in compliance with the fiscal 2019 budget, even as it wrangles with the local government over next year's plan.