Puerto Rico PFC Downgraded to D by S&P

August 2015
Bondbuyer.com;8/4/2015, p7
The article reports on the downgrade of Puerto Rico Public Finance Corporation bond series 2011A, 2011B and 2012 2A bonds from CC to D by Standard & Poor's Ratings Services on August 3, 2015. Topics discussed include payment default on the bonds as of close of business on August 3, partial payment of 628,000 U.S. dollars in interest payment and investors' negative perception of Puerto Rico's willingness to pay debt.


Related Articles

  • Puerto Rico Default Looms With $58M Payment Due. Slavin, Robert // Bond Buyer;8/3/2015, Vol. 1 Issue 34353, p1 

    Puerto Rico Public Finance Corp. may miss a $58 million bond payment due Monday, in what could be the first volley in the biggest municipal default in history.

  • Puerto Rico PFC Default Credit Negative for Exposed Insurers: Moody's. Weitzman, Aaron // Bondbuyer.com;8/10/2015, p1 

    The default by the Puerto Rico Public Finance Corporation is a credit negative for bond insurers MBIA Inc. and Assured Guaranty, who each have approximately $5 billion of exposure to the commonwealth, according to a report issued by Moody's Investors Service.

  • Puerto Rico Public Finance Corp. Readies $1B Uninsured Offering. McDonald, Michael // Bond Buyer;12/17/2001, Vol. 338 Issue 31286, p1 

    Reports that Puerto Rico Public Finance Corp. is selling one billion dollars of uninsured commonwealth appropriation bonds as of December 17, 2001. Categories of bonds; Delivery date of bonds; Plans of the company related to securities; Ratings given by Standard & Poor's Corp. to the bonds.

  • Puerto Rico Hits Market Again With $1 Billion Deal. Albano, Christine // Bond Buyer;12/17/2001, Vol. 338 Issue 31286, p35 

    Reports on plans of Morgan Stanley & Co. to offer billion dollar of bonds on behalf of Puerto Rico Public Finance Corp. as of December 17, 2001. Ratings received by bonds from Moody's and Standard & Poor's Corp.; Features of bonds; Other bond deals to be offered by several companies.

  • Puerto Rico Shone in June, Eben With a Flood of Supply. Fine, Jacob // Bond Buyer;7/16/2004, Vol. 349 Issue 31927, p6 

    Reports on the performance of bonds sold in Puerto Rico in June 2004. Amount of municipal bonds sold; Spread on general obligation bonds yields; Rate of return of Puerto Rico bonds in the Lehman Brothers municipal bond index; Performance of bonds sold by the Puerto Rico Public Finance Corp.

  • Puerto Rico PFC Payment Quite Possible, MMA Says. Slavin, Robert // Bondbuyer.com;7/20/2015, p33 

    The article focuses on a remark from Municipal Market Analytics (MMA) professionals on the possibility for the Puerto Rico Public Finance Corp. (PRPFC) to settle its debt service payments set on August 1, 2015. It mentions the previous failure of the public entity to make its 94 million-dollar...

  • Puerto Rico GDB President Says the PFC Did Not Default. Slavin, Robert // Bond Buyer;8/20/2015, Vol. 1 Issue 34364, p1 

    The President of the Government Development Bank for Puerto Rico sent a letter to representatives saying that the P.R. Public Finance Corp. nonpayment on Aug. 1 was not a default.

  • Puerto Rico Public Finance Corp. Defaults on 99% of Its Payment. Slavin, Robert // Bondbuyer.com;8/3/2015, p1 

    The PRPFC is paying about $628,000 in interest, according to Government Development Bank for Puerto Rico president Melba Acosta Febo. About $58 million in principal and interest is due Monday.

  • Understanding the Role of Recovery in Default Risk Models. Bakshi, Gurdip; Madan, Dilip; Zhang, Frank // Working Papers -- U.S. Federal Reserve Board's Finance & Economi;2001, p1 

    This paper examines the role of recovery in default risk models. The debt models have the capability to distinguish the influence of recovery rates and default probability, and can be used to reverse the market expectation of recovery rates in bond prices. The authors find that the recovery...


Read the Article


Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics