Gov. Alejandro García-Padilla announced Wednesday the filing of a bill to establish the framework to allow Puerto Rico corporations in fiscal troubles to conduct an organized restructuring of their debt.
The Puerto Rico Electric Power Authority’s chronic foot-dragging on allowing individuals and businesses to connect their renewable energy systems to the grid is causing the island to lose out on federal funding opportunities available from the U.S. Department of Agriculture’s Rural Development agency, this media outlet confirmed.
Fitch Ratings downgraded Wednesday the rating on $8.7 billion of the Puerto Rico Electric Power Authority’s power revenue bonds to “BB” from “BB+,” putting them at junk level. In addition, Fitch also placed the “BB” classification on rating watch negative.
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