Puerto Rico in Distress

ABI Analysis

Insurers of around $3 billion in Puerto Rico highway bonds will ask an appeals court to let them continue their fight for toll revenues on Thursday, this time with the goal of pursuing their case outside of the court overseeing the commonwealth’s debt restructuring process, Reuters reported. The bond insurers, which include Assured Guaranty and Ambac Assurance, are urging the 1st U.S.

A federal control board revealed Friday that Puerto Rico paid more than $28 million in salaries in recent months to people who no longer work for the U.S. territory’s Education Department, even after officials last year flagged the practice as a problem, the Associated Press reported. The announcement came during a meeting of the board that oversees Puerto Rico’s finances as the U.S.

The federally-appointed board overseeing Puerto Rico's $70 billion debt restructuring will appear in court next week to once again defend the validity of the process, which is now three and a half years old, Reuters reported.

Pedro Pierluisi vowed to achieve statehood for Puerto Rico and fight against poverty, corruption and COVID-19 after he was sworn in Saturday as the U.S. territory’s new governor, the Associated Press reported.

Other Resources

The Financial Oversight and Management Board for Puerto Rico was created under the Puerto Rico Oversight, Management and Economic Stability Act of 2016. The Board consists of seven members appointed by the President of the United States and one ex officio member designated by the Governor of Puerto Rico. Access information on the Board, documents, videos of meetings, calendar of events and live webcasts by clicking here.