PROMESA

It's uncertain whether Pedro Pierluisi's nomination to succeed Rossellówill pass the House.

Moody’s Investors Service downgraded $492 million of bonds because of its revised criteria on special revenue debt.

Two weeks of unrest have cut economic activity by 15%, and a disorderly transfer of power may disrupt the territory's historic debt restructuring.

Ricardo Rossello resigned after two weeks of furious protests, throwing the leadership of the U.S. commonwealth into uncertainty.

The new letter increases the pressure for federal oversight as the island goes through the long process of rebuilding from the damage caused by Hurricane Maria and reorganizing its debt.

Almost $25 billion of bonds would be affected, as Judge Laura Taylor Swain seeks to avert "chaos" of claims by bondholders.

The suit is "a policy paper masquerading as a complaint," the state says, but it may still push up Illinois' borrowing costs while it is active.

With a weakened government, the Oversight Board may be emboldened to take more unilateral actions on bond restructuring, analysts said.

This latest IRS action is one of a series of bond audits involving various government agencies in Puerto Rico.

The criminal behavior must stop, but the recovery must proceed. Indeed, the recovery could get stronger from this recent purge.

Chats showed him openly fantasizing about an assassination of San Juan Mayor Carmen Yulín Cruz and heaping ridicule on ordinary Puerto Ricans.

FEMA's "empty chair" at hearing draws fire from members of the House emergency preparedness subcommittee.

The scandals are dealing a fresh hit to Rossello’s administration as he fights with the federal financial oversight board over his budget.

The busts may weaken the the Rosselló administration as it struggles over fiscal policy with the Puerto Rico Oversight Board.

The board says more than $1.7 billion in revenue is at stake in fiscal years through 2024.

While the best case scenario is a court dismissal, analysts think the state would support bondholders should the case goes against them.

The Supreme Court will rule on both the legality of the board members' appointments and the validity of their rulings since appointment.

The board's suit has the same cause as a frozen suit against PREPA.

The board anticipates spending $596 million for COFINA and GDB debt service.

Signed on June 30, 2016, the Puerto Rico Oversight, Management, and Economic Stability Act sent Puerto Rico’s bondholders and residents on a difficult odyssey that is far from over.