Puerto Rico nears default as debt restructuring beckons

NEW YORK (Reuters) - Puerto Rico on Friday made a payment on debt owed by its Government Development Bank, but the U.S. territory may still be short of the funds needed to pay all of its imminent obligations.

Puerto Rico creditor group gains $180 billion in new muscle

(Reuters) - A group of hedge funds supporting debt restructuring efforts in Puerto Rico has gained 14 new members, bringing the group's total assets under management to $240 billion, a spokesman for the group said on Friday.

Puerto Rico Deal No Reprieve From Record-Low Supply: Muni Credit

Puerto Rico is set to offer the biggest municipal-bond sale in almost two years. The planned $2.86 billion borrowing still won’t be enough to meet the demand of investors amid a historic slump in debt sales.

Puerto Rico: Economy Tanks, Are Rising Taxes To Blame?

Puerto Rico is facing staggering challenges to its economy. Its credit rating was downgraded by Standard & Poor’s on Tuesday. Friday saw more bad news for the island territory’s economy, as Moody’s downgraded their debt to junk status, according to an AP report.