There are increased concerns that Puerto Rico is about to default, as a major debt service deadline looms, with analysts eyeing the December 1, when the $355m of notes issued by the Government Development come due, as the litmus test to see if the island is willing to make tough decisions to avoid a default. "The Revitalization Act will pass at some point (so) Moody's has predicted that Puerto Rico will default on an at least a portion of its debt obligations in the coming weeks, which would be the second default by the island to date. The government had been working closely with Wall Street banks and bondholders to restructure $72bn worth of debt, but it was unable to reach agreement over how much money should go towards paying off existing
There are increased concerns that Puerto Rico is about to default, as a major debt service deadline looms, with analysts eyeing the December 1, when the $355m of notes issued by the Government Development come due, as the litmus test to see if the island is willing to make tough decisions to avoid a default. Moody's has predicted that Puerto Rico will default on an at least a portion of its debt obligations in the coming weeks, which would be the second default by the island to date. The government had been working closely with Wall Street banks and bondholders to restructure $72bn worth of debt, but it was unable to reach agreement over how much money should go towards paying off existing