Standard & Poor's on Friday maintained its “CC” rating on $47.5 billion of tax-backed Puerto Rican bonds, reflecting a negative outlook after the U.S. Treasury Department pushed Congress to pass laws to address the island's economic crisis, Reuters reported on Friday. The U.S.
Puerto Rico in Distress
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An Obama administration proposal aimed at stemming Puerto Rico’s spiraling fiscal crisis received a lukewarm reception before a hearing of the Senate Energy and Natural Resources Committee yesterday, with some Republicans asking for better data on the problem and some Democrats calling on the administration to show more ingenuity and urgency to solve it, the Washington Post reported ye
With Puerto Rico buried in debt and on course to completely run out of money by the end of the year, the Obama administration is urging Congress to take unprecedented action to help the island, including granting a type of bankruptcy protection unavailable to the nation’s 50 states, the Washington Post reported today.
Puerto Rico legislators are warning that they will seek amendments to a bill that would create an independent fiscal control board as the U.S. territory pushes to restructure a portion of its $72 billion of public debt before the government runs out of money, the Associated Press reported yesterday.