Puerto Rico’s record $3.5 billion sale of junk-rated municipal debt buys the struggling U.S. territory at least 15 months of financial breathing room. It took demand from hedge funds to get the deal done.
Asiana Airlines Inc. violated U.S. law by not promptly helping victims and family members after the July crash in San Francisco of one of its planes, the Department of Transportation said in assessing the first such fine against an aircraft carrier.
President Barack Obama plans to curtail a plan costing as much as $21.1 billion to expand the U.S. military’s presence in Guam and instead will rotate some of the Marines through the Asia-Pacific region, people familiar with the matter said.
Standard & Poor’s cut Puerto Rico to junk yesterday, catching up with investors in the $3.7 trillion municipal market who have viewed the island as speculative grade for months. Some commonwealth debt gained today.