Debt of Puerto Rico, with a credit rating lower than any U.S. state, is in its deepest slide in 20 months, less than four weeks before elections that may unseat a governor who championed cost cuts and trimmed budget deficits.
Puerto Rico debt is having its worst year since 1999 as a shrinking economy strains the island’s finances. For Wall Street banks and law firms, that’s a signal to tout the bonds to investors in distressed debt who don’t typically buy municipal securities.
Puerto Rico , a U.S. territory with a credit rating lower than any state, plans to sell its first general-obligation bond not earmarked for refinancing in more than two years, said Carlos Garcia , president of the Government Development Bank.
Republican National Committee Chairman Reince Priebus said in an interview on Bloomberg Television’s “Political Capital with Al Hunt” airing this weekend that Democrats and the media have created a phony conflict with the role of gender in U.S. elections.