Puerto Rico has made significant progress in addressing its financial challenges and continues to focus on taking aggressive action to achieve fiscal stability and promote economic growth, said Government Development Bank for Puerto Rico Acting President José Pagán, in response to a story by published respected weekly paper Barron’s.
On its first trip to the market in over a year, the Puerto Rico Electric Power Authority completed a $673.1 million municipal bond deal.
The Puerto Puerto government is planning at least three trips to the market before year’s end, looking to complete a number of bond issues to pay off debt and other public projects, members of Gov. Alejandro García-Padilla’s economic team confirmed Thursday.
Gov. Alejandro García-Padilla’s administration confirmed Tuesday that Puerto Rico Government Development Bank President Javier Ferrer tendered his resignation effective July 19.
The Puerto Rico Government Development Bank unveiled the Economic Activity Index for the month of May, which registered a 3.4 percent year-over-year reduction from the same month in 2012 and marked the ninth consecutive month of downward results.
The Puerto Rico government’s economic team presented four measures to shore up $280 million for the Highway Authority, which is deep in the hole with the Government Development Bank, to which it owes $2.1 billion.
Government Development Bank President Javier Ferrer announced Monday the start of the 11th José M. Berrocal Finance and Economy Institute internship program, with the participation of 30 college students attending Puerto Rico and stateside universities.
Credit ratings agency Moody’s Investor Service issued a report Wednesday saying that Commonwealth employee retirement system (ERS, for short) reform and the projected changes to the sales and use tax system are both positives for the island’s credit, despite the ongoing fiscal indebtedness.
Government Development Bank President Javier Ferrer and Puerto Rico Treasury Secretary Melba Acosta- took off to New York Wednesday to meet with credit ratings agencies S&P, Fitch and Moody’s to continue informing on the administration’s efforts to stabilize the government's finances.
Puerto Rico Government Development Bank President Javier Ferrer told lawmakers Tuesday that without the necessary measures, the institution he heads will not have the capacity to float petitions by public corporations by summer.
Amid outcry from many public workers who will see their pension benefits dwindle once they retire from their government jobs, Puerto Rican lawmakers approved and Gov. Alejandro García-Padilla signed a sweeping reform aimed at “rescuing” Commonwealth’s Employees Retirement System.
The Puerto Rican government’s economic team is in Washington D.C. this week to “disclose and advance plans to stabilize the government's finances and revive the island’s economy,” the Treasury Department said Monday.
The Government Development Bank will be hosting a “Puerto Rico Investor Day” event in New York next week, to give backers a one-on-one opportunity to meet with senior members of the island’s fiscal team.
Government Development Bank President Javier Ferrer said the García-Padilla administration is “analyzing all types of measures” to address Puerto Rico’s critical fiscal problems fronted by the drained public retirement systems that are being closely watched by stateside credit agencies.
Moody's Investors Service downgraded Puerto Rico’s general obligation rating Thursday to Baa3 from Baa1, affecting about $38 billion of the island’s debt held by more than a handful of agencies.
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