Wireless carrier Open Mobile and the Government Development Bank named new executives recently, to fill high-ranking posts within their respective operations.
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.
Puerto Rico’s Economic Activity Index continued its free-fall in September, when according to the Government Development Bank there was a 1.8 percent year-over-year drop in the results, marking yet another month of contraction.
Government Development Bank President Melba Acosta announced Thursday the filing of legislation containing measures to improve the fiscal and financial situation of the Puerto Rico Highways and Transportation Authority.
As part of its initiative to enhance public disclosure, the Government Development Bank for Puerto Rico recently provided a “special liquidity update,” while the Treasury Department posted a Commonwealth General Fund cash flow projection for Fiscal 2015.
Puerto Rico Gov. Alejandro García-Padilla announced changes to his fiscal team Wednesday that call for shifting Treasury Secretary Melba Acosta to the helm of the Government Development Bank, and naming Juan Zaragoza-Gómez as her successor at the agency. The governor also announced the appointment of Luis Cruz as director of the Office of Management and Budget.
Puerto Rico’s economic activity index reflected yet another drop in August, when results were down 1.1 percent when compared to the same month last year, according to data released late Friday by the Government Development Bank.
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.”
Puerto Rico’s economic activity index for the month of June showed a 1.0 percent year-over-year reduction, after showing a 1.1 percent YOY decrease in June 2014.
Gov. Alejandro García-Padilla and members of his fiscal team faced investors during a webcast Thursday, during which they defended the administration’s strategy thus far to turn around the island’s grim 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.
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.
The Government Development Bank released late Friday the Economic Activity Index for the month of May, which reflected a 1.1 percent year-over-year reduction, slightly lower than the 1.3 percent on record for April.
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.
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