Moody’s Investors Service said that a series of earthquakes that recently hit Puerto Rico poses a setback for the bankrupt U.S. territory in terms of its economic recovery and ability to retain residents and businesses, according to Reuters. The quakes included one with a magnitude of 6.4 on Jan. 7, the Caribbean island’s most powerful earthquake in 102 years. Governor Wanda Vazquez estimated damages at $110 million and has requested a major disaster declaration from President Donald Trump. Moody’s said the earthquakes highlight “significant environmental risks” facing Puerto Rico, which has been in federal court since 2017 attempting to restructure about $120 billion of debt and pension obligation through a form of municipal bankruptcy. Read more.
ABI supports Puerto Rico, and looks forward to the upcoming Caribbean Insolvency Symposium at the El San Juan Hotel, February 3-5, 2020. From the time that Hurricane Maria devastated the island in September 2017 through the recent series of earthquakes that damaged Guánica, some two hours to the southwest of San Juan, ABI has remained committed to supporting its many friends and members on the island, as well as the wider Puerto Rico community affected by these natural disasters. The Caribbean Insolvency Symposium will go on as planned and registration remains open and active. At a time when Puerto Rico faces many challenges, among them a fragile economic situation, one of the best ways to support the island is through events like our upcoming Symposium. Register here.
