The expiration of the Puerto Rico Electric Power Authority's contract with the firm leading the utility's restructuring efforts has increased uncertainty for bondholders, Moody’s Investors Service said in an analysis released Monday.
The Puerto Rico Electric Power Authority announced Wednesday the payment of $192.5 million in interest on its power revenue bonds due on Jan. 1, 2017.
S&P Global Ratings lowered its ratings on the Puerto Rico Aqueduct & Sewer Authority's series 2008 and 2012 senior-lien revenue bonds two notches to 'CC' from 'CCC-'. The outlook is negative.
Backyard Bondholders, a nonprofit organization representing individual Puerto Rico creditors, on Wednesday said it favors the adoption of a fiscal control board to facilitate an orderly debt restructuring process.
The Puerto Rico government’s decision to enact a debt moratorium and declare a state of emergency at the Government Development Bank prompted ratings agency S&P to downgrade the agency and Moody’s to warn of looming creditor lawsuits.
Standard & Poor's Ratings Services said Wednesday the legislation enacted giving Puerto Rico Gov. Alejandro García-Padilla the power to suspend debt service payments would lead to a further credit downgrade, to “default” status.
WASHINGTON — The two most prominent progressives in the U.S. Senate urged the federal government Thursday to help Puerto Rico stand up against the “vultures” they largely blame for the island’s current fiscal nightmare.
Although most insurance carriers in Puerto Rico maintain sufficient capital to support lower bond ratings given their adequate capital positions and manageable exposures to the Puerto Rico municipal bond market, there will be circumstances where rating actions may have to be taken, ratings agency A.M. Best said.
Government Development Bank President Melba Acosta came down hard on Moody’s Investors Service’s decision to downgrade the Commonwealth’s credit rating deeper into junk status by saying the move shows “ratings agencies are totally out of tune with what’s happening” in Puerto Rico.
For the second time in less than a week, Puerto Rico’s credit rating has gotten slashed, this time by Moody's Investors Service, which downgraded the Commonwealth’s general obligation bonds and guaranteed debt to Caa1 from B2, its Sales Tax Financing Corporation (COFINA) senior and subordinate bonds, respectively, to B3 and Caa1 from Ba3 and B1, and the notes of the Government Development Bank, to Caa1 from B3.
Standard & Poor's Ratings Services pushed Puerto Rico’s general obligation rating further into junk Thursday when it lowered it 'B' from 'BB,’ with a negative outlook.
Credit ratings agency Fitch Ratings said Wednesday it believes that there are significant challenges ahead for Puerto Rico as it pursues initiatives necessary to maintain a credit profile commensurate with its 'BB-' general obligation junk rating.
Banco Popular officials said Tuesday commercial lending activity for Puerto Rico’s small and mid-sized business segment reached $280 million in 2014, a 25 percent year-over-year increase that shows “an encouraging picture.”
The Economic Development Bank for Puerto Rico disclosed Tuesday that during the first quarter of Fiscal 2015, it has approved more than $32.2 million in 68 loans to businesses looking to expand or establish themselves on the island.
American Express Global Corporate Payments announced the opening of its new office for its corporate cards business line for Puerto Rico and the Caribbean at Metro Office Park in Guaynabo.
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