Page 149 - Chat del Gobernador de PR Ricardo Rosello (Telegram)

1/20/2019
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Ch Sobri
Estees el informe de Moody'sque se resefi6hoy en el Vocer... Pq nos hacemosun one-one?
Ch Sobri admin
"On 29 November,the Commonwealthof PuertoRico(Ca negative)restructuredthe first
of its instrumentalities' debt, exchangingGovernment DevelopmentBankof PuertoRicoseniornotesand other obligationsfor GovernmentDevelopmentBank(GDB)Debt RecoveryAuthority Bonds. Althoughthe distressedexchange entailssubstantial lossesfor GDBcreditors,it marksa noteworthy step of progresstoward restructuringapproximately $69 billionof bondsissuedby PuertoRico,its instrumentalities and utilities."
"Despitethe severelosses,this debt exchangeconstitutesa promisingmilestonein PuertoRico'srestructuring,a process being shepherdedby a USDistrict Courtjudge as well as a federaloversightboardcreatedby the PuertoRicoOversight, ManagementandEconomicStabilityActof2016(PROMESA.) Theabilityofdisparatecreditorstoworktogether- alongwith thePuertoRicanandfederalauthorities- willbeacrucial element in resolvingdisputesover PuertoRico's other types of debt."
"For PuertoRico,the debt relief providedby the exchangeoffers the prospectof fixed-cost reductionsthat will allow it to focus efforts on reformingoperations,improvingservicedeliveryand revitalizingits economy.Theseachievementswill eventually allow the USterritory to exit oversight by the FederalOversight and ManagementBoard(FOMB)."
CarlosBermudez admin
10:24:12 AM
AlfonsoOrona admin
10:50:55 AM
10:24:22 AM
10:40:44 AM