Puerto Rico bonds rallied yesterday after the commonwealth’s federal oversight board published an updated fiscal plan that apparently acknowledged a greater ability to repay its debt than had been previously estimated, Bloomberg News reported.
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The Financial Oversight and Management Board for Puerto Rico announced Friday that it filed in court a debt-adjustment plan for the Sales Tax Financing Corp. (Cofina), Caribbean Business reported.
In hearing held on Tuesday by the Puerto Rico House Committee on Economic Development, Planning, Telecommunications, Public-Private Partnerships and Energy, Christian Sobrino Vega, the executive director of the Fiscal Agency & Financial Advisory Authority (AAFAF by its Spanish acronym) said that the proposals for the transmission and distribution of the Electric Power Authority (PREPA) will
While history is littered with examples of ill-designed debt restructuring exercises that soon unraveled at great economic and human cost, the recently announced debt restructuring arrangement for Puerto Rico's sales tax-backed bonds (COFINA), the island's economy risks joining those ranks, according to a Bloomberg commentary.
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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.