(Credit: Wikipedia) Basing its assessment on Puerto Rico’s declining economy and population, Standard & Poor’s Ratings Services revised Monday its outlook on Puerto Rico Sales Tax Financing Corp.’s (known as COFINA) first- and second-lien bonds … Puerto Rico Sales Tax Financing Corp (COFINA) ... Puerto Rico's FAFAA and bond insurer Ambac also call for rejection of a bondholder proposal for deadlines to approve a plan of adjustment. The settlement would grant COFINA an ownership interest in 53.65% of the pledged sales-and-use tax, which will be used to fund debt service payments on new COFINA bonds. Photo by La Puerta. When it issues debt, the funds that will be used for repayment comes directly from sales tax revenue. It has been a busy quarter for the Commonwealth of Puerto Rico. Puerto Rico COFINA bonds or Puerto Rico Urgent Interest Fund Corporation Bonds, are attached to Puerto Rico’s sales tax. On May 15, 2019, COFINA and the IRS entered into a closing agreement with respect to the Restructured Sales Tax Bonds (the “IRS Closing Agreement”). ... | September 16, 2020 Standard & Poor’s is keeping close tabs on COFINA. Puerto Rico Bond Update – Puerto Rico has No Money for Bond Payments. (Adds statements from oversight board, governor and coalition of senior bondholders) There have been two significant developments in the ongoing restructuring case for the Commonwealth of Puerto Rico. The GO bonds trade at 26 cents on the dollar, as of January 26, 2018, down from 59 cents on … It incorporated ten shell companies in Delaware in August 2015 to hold the investments in order to hide its identity, and managed to do so until The Intercept ’s David Dayen broke the story of its speculation on Puerto Rico’s debt in 2017. The restructuring proposal covers the revenue bonds known as Cofinas, which make up roughly 40% of Puerto Rico's core government debt. This is the second installment of a two-part series on the COFINA debt restructuring agreement for Puerto Rico. admin 0 November 20, 2018 7:10 pm Spread the love. This is the first installment of a two-part series on the COFINA debt restructuring agreement for Puerto Rico. By Andrew Scurria Puerto Rico's entry into court protection is exacerbating tensions between Wall Street firms holding sales-tax bonds that the territory's federal overseers want impaired. Money manager Glenn Ryhanych sat in his office in Virginia, waiting for a final resolution of bankrupt Puerto Rico’s nearly two-year saga with its $17.6 billion of sales-tax-backed bonds. This would deal a huge blow to the already dwindling attractiveness of Puerto Rico’s various outstanding bonds, except those COFINA bonds that would be on an accelerated payment schedule. Puerto Rico Update: As COFINA Restructuring Nears Finale, ... Puerto Rico GO bonds were trading at similar levels regardless of their year of issuance. We posted the first part on Monday, November 19th. It will slash the debt by … On Feb. 12, the debt adjustment plan for Cofina… ... Moody’s downgraded Puerto Rico’s GO, COFINA, and other debt, citing a negative outlook. RICO SALES TAX FINANCING CORPORATION (“COFINA”) (“COFINA’s Petition”). Baupost entered Puerto Rico's bond market in a big way, buying more than $900 million in COFINA bonds. There have been two significant developments in the ongoing restructuring case for the Commonwealth of Puerto Rico. COFINA after the bonds were originally issued on the Effective Date if there was no financial benefit to COFINA or the Commonwealth of Puerto Rico. After two hurricanes ripped through Puerto Rico in 2017, bond investors feared they would be asked to absorb large losses. Admin 0 November 20, 2018 7:10 pm Spread the love comes directly from sales tax Corporation. Title III of PROMESA make up roughly 40 % of Puerto Rico ’ s GO,,... 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