Puerto Rico To Release First Balanced Budget In Two Decades

Puerto Rico Governor Alejandro Garcia Padilla is expected to release the commonwealth’s first balanced budget in two decades in conjunction with his State of the Commonwealth speech today, along with a four-year plan to rebuild Puerto Rico’s economy. There has been a lot of speculation about what Puerto Rico might be able to accomplish in the next few years, some of it very positive, but having a balanced budget for FY 2015 was already expected and has been priced into Puerto Rico bonds. The big news for bond investors is that Padilla has no intentions to restructure Puerto Rico’s public debt. “We…