Moody's Investors Service said yesterday that Puerto Rico's new debt restructuring law will increase the default risk for public corporations, Reuters reported yesterday.
Puerto Rico in Distress
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A pair of Wall Street investment firms is challenging Puerto Rico's new law allowing some public agencies to restructure their debt, saying that it violates the U.S. Constitution, the Wall Street Journal reported today. Funds managed by Franklin Templeton Investments and OppenheimerFunds Inc. asked the U.S.
Puerto Rico Governor Alejandro Garcia Padilla unveiled a bankruptcy-like process for some public corporations to restructure their debts yesterday in a fresh bid to shore up the U.S. territory's deteriorating finances, Reuters reported yesterday.
The Department of Justice said that GE Capital Retail Bank, a division of General Electric, excluded tens of thousands of Spanish-speaking credit card customers from a debt-reduction program it ran for two years, a pattern of discrimination that will cost the bank $169 million in fines, the Washington Post reported today.
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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.