Puerto Rico has ‘no plans’ to default, gov’t officials say
July 11, 2014
High-ranking Gov. García-Padilla administration officials came out once again in defense of recent decisions aiming to boost Puerto Rico’s credit and ensure long-term fiscal and economic sustainability — most of which have generated strong backlash from stateside ratings agencies.
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PREPA reaches an arrangement with banking lenders
July 8, 2014
The cash-strapped Puerto Rico Electric Power Authority announced Monday it had reached an agreement with lenders who provide revolving lines of credit used to pay for purchased power, fuel and other expenses.
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Women head Puerto Rico’s public sector workforce
July 7, 2014
Women represent 54 percent of Puerto Rico’s public-sector workforce, while the median age of all government workers is 45 years old, according to a study released by the island’s Statistics Institute over the weekend.
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Treasury files Puerto Rico audited financial statements
July 2, 2014
The Puerto Rico Treasury Department announced Tuesday it has submitted the Commonwealth’s audited financial statements for the fiscal year 2012-2013 that ended June 30, 2013.
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Roosy Roads seeking RFQs to develop 3K acres in Ceiba
June 30, 2014
The Local Redevelopment Authority for Roosevelt Roads today published a Request for Qualifications seeking potential investors and developers for approximately 3,000 acres of lands and facilities available for a mixed use project with tourist, commercial, light industrial, educational and residential opportunities.
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PREPA double-whammied by credit agency downgrades
June 27, 2014
The Puerto Rico Electric Power Authority got a double-whammy from stateside credit ratings agencies, which separately downgraded the agency’s credit a day after Gov. García-Padilla announced a bill paving the way for the restructuring of fiscally troubled public corporations.
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Gov’t unveils ‘Recovery Act’ bill to assist stressed corps
June 26, 2014
Gov. Alejandro García-Padilla filed Wednesday at the Legislature the “Puerto Rico Public Corporations Debt Enforcement and Recovery Act,” to create a clear legislative framework to assist financially stressed public corporations overcome their problems “through an orderly, statutory process” that allows them to handle their debts fairly and equitably, while ensuring the continuity of essential services to citizens and infrastructure upgrades.
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Gov. submits bill allowing public corps to restructure
June 25, 2014
Gov. Alejandro García-Padilla announced Wednesday the filing of a bill to establish the framework to allow Puerto Rico corporations in fiscal troubles to conduct an organized restructuring of their debt.
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PREPA’s resistance to green energy delays USDA funding
June 17, 2014
The Puerto Rico Electric Power Authority’s chronic foot-dragging on allowing individuals and businesses to connect their renewable energy systems to the grid is causing the island to lose out on federal funding opportunities available from the U.S. Department of Agriculture’s Rural Development agency, this media outlet confirmed.
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Gov’t seeking new federal money to fix economy
June 16, 2014
Puerto Rico’s chronic inability to fully tap into federal funding has short-changed the island out of millions in competitive grants and loans available for a cross-section of activities, a top government official said recently.
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New EDB product to support community pharmacies
June 13, 2014
The Economic Development Bank on Thursday announced a partnership with the Puerto Rico Community Pharmacies Association to launch a new product to help promote the sector’s growth through financing new and existing operations.
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Fitch cuts Puerto Rico Electric Power Auth’s credit to junk
June 12, 2014
Fitch Ratings downgraded Wednesday the rating on $8.7 billion of the Puerto Rico Electric Power Authority’s power revenue bonds to “BB” from “BB+,” putting them at junk level. In addition, Fitch also placed the “BB” classification on rating watch negative.
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Preliminary May 2014 collections beat estimate by $29M
June 10, 2014
Puerto Rico Treasury Secretary Melba Acosta-Febo said today that preliminary General Fund revenue collections for May totaled $753 million, exceeding collections for the same month of last year by $141 million, or 23 percent, and beating estimates by $29 million.
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Treasury pushes back start of IVU collections at ports
June 10, 2014
The Puerto Rico Treasury Department has pushed back the start of collections of Sales and Use Tax (known as IVU in Spanish) for merchandise coming through the island’s ports by a month, to Aug. 1, agency officials said Monday.
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EDB, Microfinanzas PR partner to spur self-employment
May 29, 2014
As part of an initiative to promote the development of micro-enterprises and self-employment among Puerto Rico’s low-income residents, the Economic Development Bank has partnered with the Puerto Rico Microfinances Corp., known as Microfinanzas PR, to establish a case referral system between the institutions.
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