Puerto Rico approves measures to manage debt load
Puerto Rico's Senate has approved several measures to help the U.S. territory increase its borrowing capacity and better manage a $70 billion public debt load that has worried investors.
One measure would create a corporation responsible for issuing bonds to help refinance some of the $590 million in debt held by the island's municipalities. The corporation would use a portion of revenues generated through an existing sales and use tax to guarantee payment.
Another measure would create a special fund for those revenues that would be overseen by the Government Development Bank.
(Read more: White House: No bailout for Puerto Rico)
Legislators approved the measures late Thursday, saying the bills also would improve the liquidity of the Government Development Bank as it prepares to re-enter the bond market.
The island's governor is expected to sign the measures soon.
—By The Associated Press