Moody’s Investors Service said that a series of earthquakes that recently hit Puerto Rico poses a setback for the bankrupt U.S. territory in terms of its economic recovery and ability to retain residents and businesses, according to Reuters. The quakes included one with a magnitude of 6.4 on Jan. 7, the Caribbean island’s most powerful earthquake in 102 years.
Puerto Rico in Distress
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The U.S. Supreme Court has declined to take up a dispute that has roiled the $3.8 trillion U.S. municipal bond market over payments on special revenue bonds that grew out of Puerto Rico's ongoing bankruptcy, Reuters reported. The justices left in place rulings last year by the Boston-based First U.S.
Unceasing seismic activity on a fault just off the southern coast has pushed damage estimates to $110 million, and municipal authorities are weighing evacuation orders for residents in pueblos such as Guánica, where another 6-magnitude aftershock Saturday rocked the region, the Washington Post reported. Gov.
Puerto Rico will have access to $260 million of emergency funds to help recovery efforts after a series of earthquakes struck the island, including a 6.4-magnitude temblor on Tuesday, Bloomberg News reported.
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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.