Moody’s downgrades $13B of PR bonds, revises outlook
April 6, 2017
Moody's Investors Service on Wednesday lowered the ratings on debt of the Government Development Bank and five other Puerto Rico issuers, with a total of approximately $13 billion outstanding.
chat_bubble0 Comment
visibility1832 Views
Moody’s: $450M cuts will be ‘difficult for UPR to absorb’
March 21, 2017
Moody’s Investor Service on Monday said the proposed $450 million in cuts to the University of Puerto Rico over the next three fiscal years are “credit negative because they will be very difficult for the university to absorb.”
chat_bubble0 Comment
visibility1663 Views
Moody’s: Recent changes at PREPA raise uncertainty
February 28, 2017
The expiration of the Puerto Rico Electric Power Authority's contract with the firm leading the utility's restructuring efforts has increased uncertainty for bondholders, Moody’s Investors Service said in an analysis released Monday.
chat_bubble0 Comment
visibility1532 Views
Moody’s: Pension bonds face imminent payment default
February 14, 2017
In the coming months, the Commonwealth of Puerto Rico will default on bonds issued by its Employees Retirement System following the steady depletion of the bonds' debt service reserves, Moody’s predicted.
chat_bubble0 Comment
visibility2026 Views
Moody’s: PR banks buffers improved vs. recession
February 10, 2017
Moody's-rated Puerto Rican banks, Banco Santander Puerto Rico, Banco Popular de Puerto Rico and FirstBank Puerto Rico have improved their capitalization, reserves and core funding in the face of protracted economic recession in the Commonwealth of Puerto Rico, Moody's Investors Service said in a new report released Thursday.
chat_bubble0 Comment
visibility1698 Views
Moody’s: PREPA still open to consensual restructuring
February 3, 2017
Recent events related to the ongoing negotiation between the Puerto Rico Electric Power Authority and its creditors, including an extension through March 31 of the restructuring support agreement, suggests there’s still room for consensual accords, Moody’s Investors Service said in an analysis released Thursday.
chat_bubble0 Comment
visibility1900 Views
Moody’s: PR banks can handle 2 yrs of recession stress
September 9, 2016
Three of Puerto Rico’s main banks — Banco Santander Puerto Rico, Popular Inc. and FirstBank Puerto Rico — banks can absorb further asset quality stress resulting from Puerto Rico’s recession for at least two more years, Moody’s Investors Service said in a report released Thursday.
chat_bubble0 Comment
visibility2581 Views
Moody’s issues FAQ report for investors on PROMESA
August 12, 2016
In a new report released Thursday, Moody’s Investors Service addressed investor questions regarding the implications of the recently enacted Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) on the U.S. municipal bond market.
chat_bubble0 Comment
visibility1762 Views
Moody’s: New surcharge ‘positive’ for PREPA creditors
June 28, 2016
Moody’s Investors Service said Monday the new surcharge on customers’ electricity bills approved last week by the Puerto Rico Energy Commission to be used to pay debt service on new securitization bonds to be issued as part of the Puerto Rico Electric Power Authority’s debt restructuring is positive for creditors.
chat_bubble0 Comment
visibility2890 Views
Moody’s: Default foreshadows long battle to restructure
May 9, 2016
Although the government of Puerto Rico paid its General Obligation bonds and guaranteed debt due May 1, which totaled about $103 million, Moody’s Investors Service believes it will enter into an eventual default of these bonds in the absence of a federal stay on litigation.
chat_bubble0 Comment
visibility2894 Views
Moody’s: P.R. will default ‘with or without’ federal action
April 25, 2016
The government of Puerto Rico will default on several debt payments due May 2, including $422 million due from the Government Development Bank, “regardless of whether Congress enacts pending fiscal oversight legislation,” Moody’s Investors Service predicted.
chat_bubble0 Comment
visibility2868 Views
S&P lowers GDB’s rating over debt moratorium law
April 12, 2016
The Puerto Rico government’s decision to enact a debt moratorium and declare a state of emergency at the Government Development Bank prompted ratings agency S&P to downgrade the agency and Moody’s to warn of looming creditor lawsuits.
chat_bubble0 Comment
visibility3018 Views
Moody’s: P.R.’s debt woes hit guaranty sector as a whole
December 4, 2015
The eventual restructuring of some or all of Puerto Rico’s $73 billion in debt obligations will carry “significant implications” for the financial guaranty sector as a whole, Moody’s Investor Service said Thursday.
chat_bubble0 Comment
visibility3045 Views
Moody’s says Puerto Rico ‘likely to default’ next month
November 12, 2015
Moody’s Investors Service on Wednesday released a report in which it predicted that Puerto Rico is “likely to default” on some of its debt service payments due in December, as “its liquidity pressure grows.”
chat_bubble1 Comment
visibility3054 Views
GDB president berates Moody’s’ latest credit downgrade
May 22, 2015
Government Development Bank President Melba Acosta came down hard on Moody’s Investors Service’s decision to downgrade the Commonwealth’s credit rating deeper into junk status by saying the move shows “ratings agencies are totally out of tune with what’s happening” in Puerto Rico.
chat_bubble0 Comment
visibility3661 Views
A Dow Jones/Factiva content provider since 2014
Subscribe to our Dollars & Sense podcast!
NIMB ON SOCIAL MEDIA