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.”
The U.S. mainland’s three credit ratings agencies showered Puerto Rico with downgrades and warnings of further revisions Friday, upholding a trend that began a day earlier in response to the filing of a bill paving the way for the restructuring of fiscally troubled public agencies.
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.
A Dow Jones/Factiva content provider since 2014
Subscribe to our Dollars & Sense podcast!
