Comments on: Bearish on Puerto Rico http://blogs.reuters.com/muniland/2014/05/08/bearish-on-puerto-rico/ Bridges, budgets, bonds Mon, 24 Nov 2014 00:29:08 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: Cate_Long http://blogs.reuters.com/muniland/2014/05/08/bearish-on-puerto-rico/comment-page-1/#comment-2489 Fri, 09 May 2014 23:35:00 +0000 http://blogs.reuters.com/muniland/?p=13779#comment-2489 “Nevertheless, April revenues were $442 million below estimates, with $380 million corresponding
to the corporate income taxes line revenue. Year-to-date (July-April) revenues are below budget
estimates by $356 million”, the Officer stated.

http://www.gdb-pur.com/documents/Comunic adoRecaudosabril2013-14-FINAL-Eng.pdf

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By: Cate_Long http://blogs.reuters.com/muniland/2014/05/08/bearish-on-puerto-rico/comment-page-1/#comment-2488 Fri, 09 May 2014 21:28:22 +0000 http://blogs.reuters.com/muniland/?p=13779#comment-2488 Puerto Rico Plan Aims To Reboot Island’s Economy

http://www.bondbuyer.com/issues/123_90/p uerto-rico-plan-aims-to-reboot-islands-e conomy-1062350-1.html

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By: CraigL http://blogs.reuters.com/muniland/2014/05/08/bearish-on-puerto-rico/comment-page-1/#comment-2486 Fri, 09 May 2014 12:42:11 +0000 http://blogs.reuters.com/muniland/?p=13779#comment-2486 > Grant’s expects that, sooner rather than later, some of its $72.8 billion of debt, spread across 1,500 separate cusips, will be restructured.

Any such restructuring would cause PR to forever lose its Lannister-like reputation, which in turn would cause PR’s (and its agencies’) borrowing costs to skyrocket. Short-term relief followed by a lot of long-term pain. So, it is unlikely. The “stupid” muni bond market keeps ignoring Grant’s nonsense: the YTD return of PR bond index is back to 8.22% (from the low 5s).

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