NEW YORK (Reuters) – New York’s Metropolitan Transportation Authority passed a 5-year investment program with a $15.2 billion shortfall on Wednesday, and its chief executive said it may take years before the agency secures full funding.
While the first few years of the $32 billion plan would be fully funded, it would cast doubt over out years at a time when the MTA is already facing the prospect of delays to existing projects and growing demands on its aging infrastructure.
NEW YORK (Reuters) – New York’s Metropolitan Transportation Authority, operator of one of the world’s largest public transportation networks, said ahead of a board meeting on Wednesday that it is facing a $15.2 billion shortfall for its infrastructure needs.
In a document posted on its website the MTA said it will “work with its funding partners to identify the additional resources needed to achieve full funding.” It said alternatives include reducing the size of the capital program or increasing fares and tolls.
NEW YORK, Sept 12 (Reuters) – Puerto Rico will aim to sell
$900 million in tax and revenue anticipation notes in the next
30 days to meet near-term cash needs, a source familiar with the
matter said on Friday.
Tax and revenue anticipation notes are standard cash flow
instruments designed to meet expenses throughout the year, but
the deal is likely to attract attention given the U.S.
commonwealth’s financial troubles.
NEW YORK, Aug 13 (Reuters) – A group of creditors that could
be a source of financing for Puerto Rico if it restructures some
of its debt has gained eight new members with an additional $60
billion in assets, including hedge fund Davidson Kempner
Capital Management, the group said on Wednesday.
The creditors, which call themselves the “Ad Hoc Group,” now
have 27 asset managers as members with more than $300 billion in
assets under management. The group says it holds more than $4.5
billion of Puerto Rican bonds.
NEW YORK, July 31 (Reuters) – Banks gave Puerto Rico’s
electric power authority a two-week extension on $671 million in
revolving loan facilities on Thursday as the troubled authority
negotiates with creditors over its vital near-term cash needs.
The reprieve was not enough to stop another downgrade from
ratings agency Standard & Poor’s, which cut its view on the
authority, known as PREPA, two notches deeper into junk. S&P
said PREPA was now reliant on favorable conditions to meet its
NEW YORK, July 24 (Reuters) – U.S. authorities’ $8.9 billion
settlement last month with French bank BNP Paribas for sanctions
busting will pay for New York cops to get live computer feeds of
street crime and for new carpets in the offices of prosecutors,
among many other things.
In the past few months, American regulators and prosecutors
have forced some of the world’s largest banks to pay massive
fines for everything from breaching U.S. sanctions to alleged
mortgage abuse and illegal tax schemes.
NEW YORK, July 17 (Reuters) – Puerto Rico is fully committed
to honoring its debts and expects to be able to access capital
markets again possibly as soon as early 2015, officials of the
U.S. Commonwealth said during a conference call on Thursday.
The call was aimed at reassuring investors after Puerto Rico
passed a law allowing public corporations, such as electric
power authority PREPA, to restructure their debt. The law led to
a raft of debt downgrades and fears Puerto Rico may embark on
full-scale restructuring of its more than $70 billion debt.
June 27 (Reuters) – Debt in some of Puerto Rico’s biggest
public corporations slumped in heavy trade on Friday after a new
law allowing them to restructure their debt sparked ratings
downgrades and fears of imminent default.
The rapid turn of events that started with the announcement
of the law on Wednesday led to a sustained bout of selling in
the debt of the U.S. Commonwealth’s electricity, highway and
NEW YORK, June 10 (Reuters) – Puerto Rico may reschedule
payments to the Government Development Bank as well as the
pension system for central government employees as it aims to
reduce a $320 million tax revenue shortfall by the end of the
fiscal year on June 30, the U.S. Commonwealth said on Tuesday.
The government said it is considering restructuring about
$250 million in payments to the GDB and $90 million to the
Central Government Employees Retirement Systems Administration.
It may also use a $35 million surplus from a 2009 sale of sales
tax bonds to plug the gap, it said.
NEW YORK, June 6 (Reuters) – New York’s Mayor Bill de Blasio
has little to fear from bond vigilantes when the city goes to
market next week with an $850 million general obligation
refinancing deal, the city’s first bond deal since the mayor
inked a multibillion dollar deal with city labor unions in May.
A scarcity of new bonds and a reach for yield in the $4
trillion municipal bond market this year mean the city’s debt
will likely get a good reception, allowing de Blasio to press
ahead with his big-ticket, progressive agenda without fear of
investors punishing him with higher borrowing costs.