Puerto Rico in hot pursuit of stateside investors
April 25, 2014
Puerto Rico is in hot pursuit of the wealthiest stateside investors, with the public and private sectors banding together to showcase the benefits — both legal and natural — that the island has to offer.
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GDB spends $2.6M on stateside debt restructuring firms
April 8, 2014
The Government Development Bank for Puerto Rico spent $2.6 million to pay for the services of two stateside law firms, Cleary Gottlieb Steen & Hamilton LLP and Proskauer & Rose LLP, seeking advice on “financing plans and other related matters.”
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Op-Ed: The fighting Irish and the fighting Puerto Ricans
March 27, 2014
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.
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Moody’s removes ‘provisional’ designation after GO sale
March 12, 2014
Moody's Investors Service, the first of the trio of ratings agencies that a month ago slashed Puerto Rico’s credit to junk, on Tuesday removed the "provisional" designation from the Ba2 rating assigned to the Commonwealth’s issuance of $3.5 billion 2014 A General Obligation Bonds priced earlier in the day.
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GDB sells $3.5B in tax-exempt General Obligation bonds
March 11, 2014
The Government Development Bank for Puerto Rico has sold $3.5 billion worth of tax-exempt fixed rate General Obligation Commonwealth bonds, the agency announced.
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P.R. bankruptcies -4% in Jan., personal cases lead
February 28, 2014
The downward spiral that Puerto Rico’s bankruptcy filings had been on in recent months came to an end in January, when total cases submitted at the U.S. Bankruptcy Court, 706, were down 4 percent, according to statistics released Friday by analyst firm Boletín de Puerto Rico.
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S&P slashes Puerto Rico rating to junk; gov’t reacts
February 5, 2014
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.
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Report: Public Buildings Auth. ‘target’ for downgrade
January 8, 2014
The Puerto Rico Public Buildings Authority’s high level of indebtedness — estimated at $4.2 billion — and whether it has repayment capacity, could make it an “easy target” for credit ratings agencies, local analyst firm REOF Capital concluded in a recently released report.
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CRIM launches 100-day amnesty, seeks to collect $60M
December 18, 2013
The Municipal Revenue Collections Center, known as CRIM by its initials in Spanish, announced Tuesday the start of a 100-day amnesty relieving taxpayers who are in arrears with the agency from paying interest, surcharges and penalties on their debt.
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Moody’s puts Puerto Rico G.O., other bonds on review
December 12, 2013
Almost exactly a year to the day when Moody’s Investors Service cut Puerto Rico’s credit to Baa3, the New York-based agency placed the island’s general obligation rating on review for downgrade.
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Fitch puts Puerto Rico’s GO, other debt on negative watch
November 15, 2013
Fitch Ratings placed the 'BBB-' ratings of the Commonwealth of Puerto Rico’s general obligation (GO) bonds, the Puerto Rico Building Authority government facilities revenue bonds guaranteed by the commonwealth, the Puerto Rico Aqueduct and Sewer Authority’s commonwealth guaranty revenue bonds, and the Employees Retirement System’s pension funding bonds on negative watch Thursday.
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Op-Ed: Puerto Rico’s glaring signal to change course
October 15, 2013
Various publications have recently highlighted Puerto Rico’s economic troubles as reflected in the municipal bond market.
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CNE: Puerto Rico ‘failing to face new reality’
June 6, 2013
Puerto Rico may have reached the limits of sustainable growth within its current institutional framework and its leaders must find the political will to make profound changes to the socio-economic structure to pull out of the seemingly unstoppable downward spiral the island is on and insert it squarely into the new globalized economy.
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Fitch places Puerto Rico debt on negative watch
February 22, 2013
In what constitutes yet another, but expected, blow to Puerto Rico’s fragile credit condition, Fitch Ratings announced Thursday it has placed the island’s general debt, as well as that of several government agencies, on negative watch.
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Fitch: Keeping Puerto Rico’s rating will depend on policymaking
December 19, 2012
Fitch Credit Rating, the only agency that has not downgraded Puerto Rico's debt in the past week, said Tuesday the current 'BBB+' rating on the Commonwealth's general obligation bonds reflects the significant progress made by the outgoing administration in implementing widespread reforms despite economic underperformance.
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