The Puerto Rico Electric Power Authority announced Thursday its intention to pay all principal and interest due on July 1, 2016 under its power revenue bonds in accordance with the terms of an agreement with creditors holding approximately 70 percent of the utility’s outstanding debt, company officials said.
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.
Puerto Rico’s private sector, represented by more than 20 organizations, on Thursday banded together to reject the proposed energy rate increases unveiled by the Puerto Rico Electric Power Authority this week.
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