Coming on the heels of a Moody’s Investors Service’s assessment of the territory’s financial outlook on the bond market and the solvency of its Government Employees’ Retirement System, Gov. Albert Bryan Jr. renewed his pitch to legislators to refinance the territory’s bond debt, the Virgin Islands Daily News reported. In an analysis published Monday, the financial services firm said the recent ruling of the Third U.S. Circuit Court of Appeals relieving the government of $40 million associated with past-due contributions will do little to reduce the pension fund’s insolvency and debt default risks. “This is not a loss for the GERS or the V.I. by any means,” Bryan said in a press statement. “It underscores the urgency with which the executive and legislative branches need to work together to address and put forward a comprehensive solution to this problem. The court clearly defined the duty of the legislature to address the funding needed, he acknowledged. “By working collectively I believe we can solve this issue on behalf of the people of the Virgin Islands,” he said. Bryan pointed to millions of dollars paid to the GERS over the years as evidence of the government’s commitment.
