{"id":74891,"date":"2016-05-01T18:22:53","date_gmt":"2016-05-01T22:22:53","guid":{"rendered":"https:\/\/breaking911.com\/?p=74891"},"modified":"2016-05-01T18:49:08","modified_gmt":"2016-05-01T22:49:08","slug":"puerto-rico-will-default-update","status":"publish","type":"post","link":"https:\/\/breaking911.com\/puerto-rico-will-default-update\/","title":{"rendered":"PUERTO RICO WILL DEFAULT"},"content":{"rendered":"
Puerto Rico will default on a $422 million bond payment for its Government Development Bank, sending its clearest signal yet to investors and U.S. officials that it doesn’t have enough money to keep paying its debts.<\/p>\n
Governor Alejandro Garcia Padilla imposed a new debt moratorium law, the island’s chief executive said during a televised address Sunday.<\/p>\n
The bank, operating under an emergency period, will miss the $422 million payment due May 1, he said. The bank had until late Monday to make the payment.<\/p>\n
No matter which route Puerto Rico took, credit-rating companies saw a default as inevitable. Moody’s Investors Service analysts said last week that any non-payment, even if it’s agreed to by creditors, constitutes a default in their eyes.<\/p>\n
S&P Global Ratings said a distressed debt exchange or temporarily withholding interest is synonymous to default.<\/p>\n