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Trustee: Puerto Rico Public Finance still not funding debt service
By Caroline Salls
Pittsburgh, Feb. 5 – The Puerto Rico Public Finance Corp. (PRPFC) is still not funding debt service for its series 2011 A and B and series 2012 A commonwealth appropriation bonds, according to a notice from bond trustee U.S. Bank Trust NA.
As previously reported, PRPFC said in July 2015 that the final budget approved by the Puerto Rican Legislative Assembly for the fiscal year 2016 did not include appropriations to pay principal and interest due on the bonds.
As a result, PRPFC has taken the position that since there was no legislative appropriation for fiscal year 2016 debt service, no payments can be made, and there is no default arising from their failure to make such payments.
As a result of this position, the trustee said it will not continue to provide notices of non-payment, but will notify bondholders if payments are received.
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