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.
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.”
The Puerto Rico government released key economic statistics late Friday that reflected a slide in the Economic Activity Index of 2.4 percent year-over-year in February, as well as put the island’s jobless rate at 15 percent that month.
EVERTEC Inc. will be included in the Puerto Rico Stock Index, Interim Government Development Bank President José V. Pagán-Beauchamp announced Wednesday.
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.
On the eve of what seems to be a “do-or-die” trip to the stateside bond market through which it is seeking to sell at least $3 billion in Commonwealth General Obligation bonds, the government is warning would-be investors that purchasing into the deal “involves significant risks.”
Puerto Rico Gov. Alejandro García-Padilla signed Tuesday legislation authorizing the issuance of $3.5 billion in general obligation (GO) bonds to be used to refinance outstanding credit lines granted by the Government Development Bank and address the government’s liquidity issues.
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 economic activity continued to spiral in December, when all four key components showed signs of contraction.
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.
Following what can only be called an attempt to avoid the unavoidable, the Government Development Bank finally posted the Economic Activity Index — with weeks of delay — for the months of September and October, revealing results that keep Puerto Rico in negative territory for the 11th consecutive month.
The Government Development Bank for Puerto Rico announced Wednesday that, as part of its efforts to increase transparency and improve investor relations, it has made additional disclosure materials available on its website.
Basing its assessment on Puerto Rico’s declining economy and population, Standard & Poor's Ratings Services revised Monday its outlook on Puerto Rico Sales Tax Financing Corp.'s (known as COFINA) first- and second-lien bonds to negative from stable.
The government’s economic team, headed by Puerto Rico Treasury Secretary Melba Acosta and Government Development Bank Interim President José Pagán confirmed the introduction of a bill to expand the Sales Tax Fund Financing Corporation's (COFINA, by its Spanish acronym) capacity to issue bonds and facilitate the execution of a more cost-effective financing for the Commonwealth.
The Puerto Rico Highway and Transportation Authority closed Thursday $400 million in Bond Anticipation Notes financing with RBC Capital Markets that will benefit both the agency and the Government Development Bank, its Interim President José Pagán said.
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