PROMESA

Puerto Rico CFO Rafael Maldonado Gautier said that some Treasury professionals have been selling influence, issuing false licenses, and trying to extort him.

They say a ruling in the Aurelius case reinforces their contention that the Puerto Rico Oversight Board is a federal body.

The U.S. Supreme Court agreed to hear a case that could upend the work of the oversight board tasked with pulling Puerto Rico out of its record bankruptcy.

The Oversight Board has reached an agreement with the Committee of Retirees that makes a flat 8.5% cut to pensions over $1,200 a month and does not change payments to the 61% of current retirees who receive monthly pensions of $1,200 or less.

The U.S. Senate has until July 14 to act.

Citing new uncertainties surrounding revenue credits, Moody's downgraded the Illinois State Toll Highway Authority ahead of a $300 million deal.

The overall recovery would be in the 36% to 38% range under its restructuring plan for $35 billion in bonds.

The PRIDCO deal would be the fifth restructuring proposed or consummated under the Puerto Rico Oversight, Management, and Economic Stability Act of 2016.

The agreement “would increase prices by up to 21%” and it’s “highly unlikely PREPA will be able to completely offset the legacy debt charges,” resulting in “considerably higher electricity rates for decades to come,” said the letter signed by four senators and 32 House members.

The Oversight Board called the deal to reduce cuts to retirees a "crucial step" toward restructuring $25 billion in bonds and loans.

The new bonds would offer about 25 basis points less in interest.

He said the board has been inaccurate in its financial predictions and that he wouldn’t participate in any cuts to pensioner benefits.

Rating criteria changes and a ruling in the Puerto Rico III case have undermined some investors' and analysts' confidence in revenue pledges.

The central government has $2.2 billion more than projected, raising hopes that bondholder losses may be mitigated.

The commonwealth overall has been allocated $42.3 billion in disaster aid since Hurricanes Maria and Irma struck the island, not counting the new funding approved by Congress.

The board referred 13 public entities to the Puerto Rico Secretary of Justice and U.S. Department of Justice.

The legal argument made against revenue bonds just doesn't make sense in the market-based world.

A surplus this coming fiscal year will be used in following years for debt and pension payments, Executive Director Natalie Jaresko said.

Over the first 10 months of the fiscal year, General Fund net revenues are 11% above October projections.

Court filings cast doubt on repayment of an additional $5.1 billion in the territory's debt restructuring.