The Puerto Rico Electric Power Authority announced Thursday that discussions with its creditors have resulted in agreements that provide the agency with a “consensual path forward to improve its operations and financial situation.”
Standard & Poor's Ratings Services continued the downgrading streak by credit ratings agencies in recent weeks, by slashing the standing of the Puerto Rico Aqueduct & Sewer Authority and the Government Development Bank on Monday.
Declines in pricing of Puerto Rico bonds added further pressure to already depressed net asset values of Puerto Rico mutual funds, according to Fitch Ratings, which added that Fitch-rated Puerto Rico fund managers are reacting swiftly by adding to collateral supporting rated notes and deleveraging where needed.
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.
Standard & Poor's Ratings Services on Wednesday announced it has lowered its rating on Puerto Rico Electric Power Authority's power revenue bonds four notches to “B-“ from “BB,” further deepening the agency’s credit woes.
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.
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.
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.
Puerto Rico is in the throes of one of the most serious economic depressions in the last 40 years of its history as a Commonwealth. However, it is not alone in its experience, which could be compared to the fiscal crisis New York City faced in 1975, when it was on on the verge of defaulting on its obligations.
As we deal with our current crisis, we can easily forget that crises such as ours have happened before and will probably happen again in other societies.
Toyota Credit de Puerto Rico, the only captive finance company in the market, is preparing to face challenges in the short and long term under the leadership of its new CEO Brett Beals, a veteran executive, with more than 18 years of experience in the field, who took office last June.
The Puerto Rico government is paving the way for a general obligation bond sale next month through which it seeks to raise as much as $3.5 billion to improve the Government Development Bank’s liquidity, high-ranking administration officials said Tuesday.
Puerto Rico’s co-op sector is expected to experience a “reduced impact” as a result of last week’s triple downgrade of Puerto Rico’s credit to junk by U.S. ratings agencies.
More than a year after warning about the possibility, Standard & Poor's Ratings Services on Tuesday made good on its word and cut its rating of Puerto Rico’s general obligation debt to 'BB+' from 'BBB-,' pushing it to the highest junk level status.
AT&T is offering new and existing AT&T customers a a $100 bill credit for each new smartphone, tablet, feature phone, mobile hotspot or wireless home phone line of service they add to their service.
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