S&P downgrades gov’t debt to ‘negative’ from ‘stable’
June 7, 2012
Standard & Poor's Ratings Services has revised its outlook for the Puerto Rico government’s general obligation (GO) and appropriation debt ratings to negative from stable.
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Economist: Sustainability in public finances ‘critical’ to recovery
May 21, 2012
It is the general belief that it is bad for a government to have a deficit or be shoulder-deep in debt. However, while it is “perfectly legitimate” for public administrations to have shortfalls and finance them with debt, what is dangerous is when the practice leads to unsustainability.
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Prepa raises $650M through bond emission
April 12, 2012
The Puerto Rico Electric Power Authority concluded its two-day bond issue Wednesday, selling $650 million in bonds, about 36 percent more than the original $475 million the government was looking to raise.
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Motor vehicle excise taxes fuel December ’11 Treasury collections
February 7, 2012
Net General Fund revenue totaled $776 million in December, representing an increase of $210 million when compared to the same month in 2010. The hike was attributed to a surge in motor vehicle excise tax collections, which Treasury Secretary Jesús Méndez said reflected the highest year-over-year percentage growth.
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High-ranking government officials tout P.R. austerity measures at NLGA conference
July 28, 2011
The austerity measures put in place over the past two years have reduced Puerto Rico’s deficit and spurred economic growth, Gov. Luis Fortuño and his Economic Development and Commerce chief said in separate speeches offered on Wednesday’s session of the National Leutenant Governors Association convention taking place in San Juan.
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$1.4B highway PPP contract awarded to Goldman Sachs/Abertis consortium
June 20, 2011
The Gov. Luis Fortuño administration announced Monday its decision to turn over the management and upkeep of two island highways, PR-22 and PR-5, to the consortium of Goldman Sachs and Abertis, through a 40-year contract worth more than $1.4 billion.
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P.R. small businesses find voice in Washington
June 20, 2011
The “eyes and ears” of the island’s small business community in Washington D.C., Teresa Coaxum, spent last week in Puerto Rico looking to bridge the disconnect between the local public and private sector and the federal benefits and information they may be missing out on for a lack of awareness or access.
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Microsoft, EDC work together to harness benefits of cloud computing
May 27, 2011
The benefits of being able to access work, entertainment and other digital content anywhere, anytime and on any device — the philosophy behind cloud computing — are already rippling through Puerto Rico’s consumer and business community.
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American Airlines signs off on LMM privatization plan
May 25, 2011
The Gov. Luis Fortuño administration’s efforts to privatize the Luis Muñoz Marín International Airport seems to be moving forward as American Airlines, the facility’s largest carrier tenant, recently agreed to sign off on the plan, The Wall Street Journal reported.
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Fortuño administration files new cruise ship industry law
May 25, 2011
Slightly more than a month before the island’s current cruise ship incentives law expires, the Gov. Luis Fortuño administration filed Wednesday a new bill that would expand the scope of benefits offered to a sector that generates $245 million for the local economy.
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IVU collections reach $94.6M in April, maintain steady pace
May 23, 2011
Sales and use tax collections remain steady during the first 10 months of the current fiscal year, a pattern Treasury Department Secretary Jesús Méndez said is the result of several measures the administration has implemented to shore up much-needed cash for the government.
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