S&P downgrades gov’t debt to ‘negative’ from ‘stable’
June 7, 2012
Standard & Poor's Ratings Services has revised its outlook for the Puerto Rico government’s general obligation (GO) and appropriation debt ratings to negative from stable.
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Treasury shores up $1.2B in April, reports 4% jump in May sales tax collections
June 5, 2012
Net revenue making its way to the Puerto Rico government’s General Fund exceeded $1.2 billion in April, with personal and corporate income tax collections representing 69 percent, or $830 million of the month’s total, agency Secretary Jesús Méndez said Monday.
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Treasury announces tax-free weekend July 13-15
June 1, 2012
Puerto Rico residents will get the chance to save some money on back-to-school purchases during a tax-free weekend July 13-15, Treasury Secretary Jesús F. Méndez said.
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Juvenile correctional center P3 draws 11 consortiums
May 17, 2012
Eight weeks into the process of finding a private operator to design, build, finance and maintain the proposed “New Juvenile Social Treatment Campus” in Yauco, the Public-Private Partnership Authority announced Wednesday it received 11 proposals from local and international interested consortiums.
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April employment data yields mixed results, jobless rate at 14.8%
May 17, 2012
Puerto Rico’s unemployment rate stood at 14.8 percent in April, representing the lowest level in 16 months. The number of employed people on the island increased by 22,000, while those on the unemployment lines were the lowest in the last four months.
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Investors: Gov’t transparency, free-flowing information critical to bond market success
May 10, 2012
Transparency and free-flowing information on the government’s behalf are crucial to keeping the island’s standing in the U.S. credit market, which is keeping close tabs on what is being done locally, several representatives of the investment community said Thursday during the first day of the Puerto Rico Credit Conference in San Juan.
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OMB’s Pavía: Government keeping expenses under control
May 8, 2012
Public expenses have been kept under projections during the first nine months of the current fiscal year, the fourth consecutive year the administration has managed its finances according to what was budgeted, a government official said Monday.
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Gov’t agencies, private sector pact to spur job creation
May 4, 2012
The Economic Development Bank, the Family Department's Socio-Economic Development Administration, known as ADSEF, the Puerto Rico Chamber of Commerce (CofC) and the United Retailers Association (CUD) announced Thursday the signing of a pair of agreements to launch a job promotion plan for low-income residents.
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Fortuño proposes $9.082B budget for Fiscal ’13
April 24, 2012
Gov. Luis Fortuño unveiled Tuesday a $9.082 billion general fund budget proposal for fiscal 2013, representing a 2 percent reduction from the $9.260 billion budget in effect through June 30.
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GDB lifts restriction on public data
April 18, 2012
In an apparent response to public pressure, the Government Development Bank on Wednesday eliminated the restriction on the information it shared with the public on its website.
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Moody’s places $16B in gov’t debt under review for possible downgrade
April 17, 2012
Moody’s Investors Service has placed the ratings of $6.8 billion outstanding Puerto Rico Sales Tax Financing Corporation's senior sales tax revenue bonds' Aa2 rating and $9.2 billion in subordinate sales tax revenue bonds' A1 rating on review for possible downgrade, the agency announced Tuesday.
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GAO to Pierluisi: Jones Act impact study underway
April 17, 2012
The U.S. Government Accountability Office is “actively working” on Resident Commissioner Pedro Pierluisi’s request to determine the economic impact that the cabotage laws have on Puerto Rico, his office said Monday.
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Prepa raises $650M through bond emission
April 12, 2012
The Puerto Rico Electric Power Authority concluded its two-day bond issue Wednesday, selling $650 million in bonds, about 36 percent more than the original $475 million the government was looking to raise.
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GDB: Economic activity index ‘gaining ground’ in ’12
April 11, 2012
The Government Development Bank unveiled the Economic Activity Index for the months of January and February, which reflected an increase of 0.5 percent and 0.7 percent, respectively in comparison to the same months in 2011.
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Former Agriculture chief Rivera-Aquino tapped to chair gov’t investment board
April 10, 2012
Javier Rivera-Aquino, who until late last year headed the Agriculture Department has been appointed executive director of the Puerto Rico Industrial Development Company’s Puerto Rican Industry Investment Board, through which he will advocate for greater participation of local companies in government procurement activities, administration officials said Monday.
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