Bankruptcy

S&P Global Ratings said it has downgraded the commonwealth of Puerto Rico's general obligation secured debt to D (default) from CC following the commonwealth's default on debt service due July 1.

The two California cities that have done the most to challenge public employee pensions say court challenges have not daunted their efforts to shrink employee benefits to match revenues.

The Puerto Rico Aqueduct and Sewer Authority will delay payments on loans and renegotiate loan agreement terms under U.S. state revolving fund and rural development programs, according to two forbearance agreements detailed in an event notice posted on EMMA on Wednesday.

The federal judge presiding over a Securities and Exchange Commission case charging the city of Miami and its former budget director with securities fraud concluded in a July 5 order that the bulk of the case could not be decided before trial

The plaintiffs want the court to declare Puerto Rico’s Moratorium Act to be illegal and unconstitutional.

Three state Republican parties challenging the constitutionality of a revised Municipal Securities Rulemaking Board anti-pay-to-play rule are asking a federal circuit court to streamline the legal process by consolidating their two pending cases.

A South Carolina judge has indicated that he plans to side with Richland County in its fight over the release of 1-cent sales tax revenues frozen by the state Department of Revenue amid a probe into irregular spending.

Legislation to rescue Puerto Rico from its debt crisis is moving to President Obama’s desk for a signature after the Senate approved it 68 to 30 Wednesday, just two days before the commonwealth is expected to default on a $2 billion debt payment.

The Senate is poised to begin debate on the House’s Puerto Rico rescue bill Wednesday morning with a possible final vote taking place later in the day.

Detroit got the all clear from the city's Financial Review Commission to move ahead with a refunding of $660 million of general obligation debt.