Connect to share and comment

Puerto Rico to cut budgets, renegotiate loans following credit downgrade

SAN JUAN, Puerto Rico - Puerto Rico's governor says he is renegotiating the payment of short-term debt and has ordered all government agencies to reduce their current budgets by 2 per cent after the island's credit rating was downgraded to junk status. Alejandro Garcia Padilla made the announcement Wednesday on radio station WKAQ. Spokeswoman Paola Figueroa tells The Associated Press that the governor will make additional announcements later Wednesday in response to the downgrade.

White House says still not considering Puerto Rico bailout

WASHINGTON (Reuters) - The White House said on Wednesday it was still not considering a bailout for Puerto Rico after Standard & Poor's on Tuesday cut its credit rating to junk status. A White House spokeswoman declined to comment about the S&P move specifically but said the administration's position had not changed since January 22, when she said that no "deep federal assistance" was being contemplated.

S&P downgrades Puerto Rico debt, says it would have been worse without government reforms

SAN JUAN, Puerto Rico - The credit-rating agency Standard S The announcement worried many in Puerto Rico, which has entered its eighth year in recession while struggling with $70 billion in public debt and a 15.4 per cent unemployment rate, higher than any U.S. state. Garcia and other top officials sought to assure Puerto Ricans and bondholders that they would continue to whittle down the debt and present a deficit-free budget next fiscal year.

Debt downgrade "unfair," Puerto Rico says

San Juan, Feb 4 (EFE).- Ratings agency Standard & Poor's decision to downgrade Puerto Rico's general-obligation bonds to speculative, or junk, status was "unfair," the island's governor said here Tuesday. "It seems that each time they issued a report saying we had to do something, they didn't believe that we would achieve it, but we did it. So, they issued another raising the bar even more. Up until they noticed that we had done everything and had also reduced the debt,' Gov. Alejandro Garcia Padilla said.

Debt downgrade "unfair," Puerto Rico says

San Juan, Feb 4 (EFE).- Ratings agency Standard & Poor's decision to downgrade Puerto Rico's general-obligation bonds to speculative, or junk, status was "unfair," the island's governor said here Tuesday. "It seems that each time they issued a report saying we had to do something, they didn't believe that we would achieve it, but we did it. So, they issued another raising the bar even more. Up until they noticed that we had done everything and had also reduced the debt,' Gov. Alejandro Garcia Padilla said.

Abbott to close plant in Puerto Rico, dealing new blow to island's pharmaceutical sector

SAN JUAN, Puerto Rico - Abbott Laboratories is closing one of its manufacturing plants in the Puerto Rico town of Barceloneta next year, delivering another blow to the U.S. territory's once-thriving pharmaceutical sector, officials said Thursday. It is unclear how many workers will be affected, although Barceloneta Mayor Wanda Soler told The Associated Press that the plant is the smallest one of several that Abbott operates in the north coastal town.

Puerto Rico meets with US credit rating agencies, prepares to re-enter bond market

SAN JUAN, Puerto Rico - Top Puerto Rican officials are meeting with credit rating agencies in New York amid growing concerns the U.S. territory's general obligation bonds might be downgraded to junk status. Tuesday's meeting comes as the island prepares to re-enter the bond market in upcoming days and after two of three credit rating agencies recently placed Puerto Rico on watch for a possible downgrade. The island is struggling with $70 billion in public debt and a 15.4 per cent unemployment rate.

Puerto Rico governor signs bills to help manage island's debt

SAN JUAN, Puerto Rico - Puerto Rico's governor has signed into law two bills to help the U.S. territory manage its ability to repay a $70 billion public debt. Alejandro Garcia Padilla said Friday that the new laws go into effect Feb. 1. One bill establishes a corporation that will issue bonds to help pay and refinance some of the $590 million in debt held by the island's municipalities. The corporation would use revenues from sales and use tax to guarantee payment. The other bill creates a new fund for those revenues that will be run by the Government Development Bank.

Puerto Rico National Guard begins cleanup work on Vieques

San Juan, Jan 23 (EFE).- A group of 30 experienced Puerto Rico National Guard engineers has launched a cleanup effort focused on areas of ecological and tourist interest on the island of Vieques, which the U.S. Navy used as a bombing range for more than 40 years. Lt. Col. Ruth Diaz Calderon, spokeswoman for that military force, a component of the U.S. National Guard, told Efe that the group of experts began working Tuesday on the project and that their goal is to establish an eco-tourism project in a 393-hectare (970-acre) area of the island-municipality.

Puerto Rico National Guard begins cleanup work on Vieques

San Juan, Jan 23 (EFE).- A group of 30 experienced Puerto Rico National Guard engineers has launched a cleanup effort focused on areas of ecological and tourist interest on the island of Vieques, which the U.S. Navy used as a bombing range for more than 40 years. Lt. Col. Ruth Diaz Calderon, spokeswoman for that military force, a component of the U.S. National Guard, told Efe that the group of experts began working Tuesday on the project and that their goal is to establish an eco-tourism project in a 393-hectare (970-acre) area of the island-municipality.
Syndicate content