Borinquen MadeDated notes on Puerto Rico
Puerto Rico news: economy and politics
This desk gathers dated notes on the economy and politics of Puerto Rico, taken from named outlets. It is not the magazine's historical archive. Each note cites its outlet. It is not original reporting.
A dated, sourced desk. Each note names its outlet. It is not original reporting. Figures are those the source published. If sources disagree, both layers are left in place.
GAO-13-260: modifying the Jones Act in Puerto Rico would have uncertain effects
14 Mar 2013. Discrete market with 4 carriers; 2010 rates < 2006. No recommendations.
Acosta Febo adds role of Principal Public Finance Officer
EO 2013-007; coordinates Hacienda–OMB–GDB; Cerrillos debt $600 million. Appointment ≠ disbursement.
CPI: PRASA is leaking on receivables and payables
Receivables >$444 million (56% inactive); debt >$5,000 million; deficit ~$350 million; 4% rate with bondholders.
The multimillion-dollar business behind Luis Muñoz Marín Airport
Aerostar/PPP LMM: Moody’s (P)Baa3 bonds $350 million; critique of AFI/GDB ~$700 million and estimated net loss.
Private management in government comes at a high price
AAA paid 11 outside contractors >$574 million (2009–Jun 2012); Truenorth ~$38 million with AAA.
San Juan failed to remit employee deductions to health insurance, IRS and others
Dec 11, 2012. Retirement ~$16.8 million; Treasury ~$8.4 million; payables >$108 million (Nov 19).
CPI: CNE — social negotiation to exit the crisis
Projected structural deficit $1,104 million (2013); debt +9% vs activity +4%; COFINA / operating spending.
Comptroller: adverse opinion on Ports Authority (CP-13-07)
Nov 12, 2012. Eight findings; 41 CPA payments $748,799. Finding ≠ conviction.
More than $700 million in tutoring fails to lift schools off improvement plans
1,321 campuses on improvement 2012-13; SES Title I/ARRA. Spending ≠ results.
Santini’s phantom farms
Nov 2, 2012. TDR; ~$20 million collected; inactive BP account; plan exhausted since 2007.
Public deficit: opposition attacks, government defends
GP: $15 billion new debt / $7 billion ARRA; GDB: annual deficit −90% vs FY2009 $3,300 million.
UPR puts $15 million of Retirement into Vedanta despite Callan’s veto
Facebook −17%/−27%; Retirement Board seeks criteria. Market loss ≠ theft.
CPI: PREPA board departures do not bring stability
Pérez Riera / Pérez Canabal out; Tropical Solar Farm $189 million; Justice/Ethics referrals. Referral ≠ conviction.
DOJ: 50 charged in Island Express Puerto Rican identity trafficking
Jan 11, 2012. Unsealed indictment; Savarona/Caguas; docs $700–$2,500. Charge ≠ conviction.
Fortuño only raises Retirement contribution; GDB admits more is needed
Offer $400 million; Law 7 cost $157 million. Contribution ≠ full reform.
Fitch keeps AAA at BBB+ in fifth year of recession
Subsidies $282 million; 2008 bonds $159.1M+$125.7M. Rating ≠ disbursement.
NotiCel: Cancel Alegría and UBS referred to Justice (Retirement)
Retirees’ suit $800 million; Retirement liquidity $45M→$749M (per Ramos). Allegation ≠ conviction.
Comptroller: adverse opinion on DDEC professional contracts (CP-12-05)
30 Sep 2011. $65,402 without contract; Company A ~$2.22 million. Finding ≠ conviction.
Highway PPP begins operations
Metropistas financial close; Government receives $1,100 million; PR-5/PR-22 concession for 40 years.
Puerto Rico bonds: downgraded, but successful
AEP ~$756 million 21st Century Schools + ~$300 million US market; GDB saves $13 million after Moody’s Baa1.