Junk bonds

The USVI government intends to refund the remainder of its outstanding bonds at the end of March.

If all goes to plan, officials say the deal would prevent the islands' pension system from running out of money.

Virgin Islands Sen. Kurt Vialet said he expects the legislature to approve the refunding bill by Monday. The current bill does not include an interest rate cap that killed a refunding deal attempted in September 2020.

While challenges abound — shuttered industries, outmigration and COVID — there are positive signs the territory’s economy can be boosted.

This would be fourth attempt to refund the islands' debts. Moody's Investors Service projects the island's pension fund will run out of cash by the start of fiscal 2024.

The $35 million of tax-exempt and taxable notes were privately placed with Nuveen.

The governor wants to use savings to address the islands' $3.3 billion pension underfunding.

The government is also hoping an outside company will take over the Limetree oil refinery in St. Croix.

Moody's says Guam needs to be ready to respond to shortfalls.

The fight between the governor and the legislature over control of the beleaguered utility is heading to the local Superior Court.

The district hopes to win back investment grade ratings by raising fund balances, a task that becomes harder after federal coronavirus relief is exhausted.

His bill follows unsuccessful efforts by the territory's Senate to increase oversight of its Water and Power Authority.

Preliminary yields in the offering memorandum show spreads of 112 to 169 basis points over triple-A benchmarks, substantially lower than spreads seen in a successful speculative grade PRASA refunding in December.

Limetree Bay Energy, the U.S. Virgin Islands' largest private-sector employer, was an important source of government revenue.

Gov. Bryan vetos bill that would have brought in a turnaround company to determine WAPA's status.

Guam’s tourism has been hit very hard by COVID-related travel limitations, but the government should be able to get through this period with approved federal aid and the continuation of federal military construction.

A majority of the USVI Senate are sponsoring a bill to give the Public Services Commission near total control over the islands' financially troubled water and power authority.

Moody's says that the pension system will likely run out of money in fiscal year 2024.

S&P raised CPS' junk rating by one notch, saying federal funds will boost an "already positive financial trajectory."

The authority's board will be replacing two leaders.