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WASHINGTON, July 1- Creditors to Puerto Rico's troubled electricity provider were given a slight respite on Tuesday when the bonds' trustee made a scheduled payment, but the U.S. municipal bond market remained worried the Puerto Rico Electric Power Authority will soon use a new bankruptcy-like process to restructure its debts.
WASHINGTON, July 1- Moody's pushed its rating on Puerto Rico's debt deeper into junk territory on Tuesday and prices of the island's troubled electric authority's bonds plunged as investors awaited word on whether they would receive a scheduled payment on the securities.
SAN JUAN, July 1- Puerto Rico Governor Alejandro Garcia Padilla on Tuesday signed a $9.56 billion budget for 2015, a blueprint that cuts spending by $200 million from the previous year amid a continued contraction in the island's economy.
June 30- Puerto Rico's troubles continued to worsen on Monday after mutual funds holding about $1.7 billion in its debt sued the commonwealth while other investors sold the bonds on concerns the island's finances could deteriorate further.
June 30- U.S. mutual funds holding about $1.7 billion in Puerto Rico debt have sued the cash-strapped commonwealth, accusing it of passing a law modeled after the U.S. bankruptcy code that could undermine the rights of American investors.
RIO DE JANEIRO, June 27- Ratings firms expressed concern on Friday about a Brazilian government decision to sell billions of dollars worth of offshore oil rights to Petrobras, saying the move will weigh on the state-run oil company's cash flow and credit-worthiness.
Since Detroit filed the biggest municipal bankruptcy in U.S. history last July, Syncora has objected to the city's moves nearly every step of the way- from an early agreement with investment banks over interest rate swaps to the more recent "grand bargain" designed to save the Detroit Institute of Arts.
Moody's upgraded its rating on California's general obligation debt, citing the state's improving financial position and employment growth.
June 25- Moody's Investors Service on Wednesday upgraded its rating on California's general obligation debt to "Aa3" from "A1," citing the state's improving financial position and employment growth.
RIO DE JANEIRO, June 25- Moody's Investors Service on Wednesday warned that Brazil's next government needs to "reverse negative economic trends" and boost growth if it wants to maintain the country's credit rating.
June 25- Moody's Investors Service upgraded its rating on California's general obligation debt to "Aa3" from "A1", citing its improving financial position and employment growth. "The Aa3 rating also reflects the state's volatile tax revenue structure and governance restrictions," Moody's said. Moody's outlook on the state is stable.
NEW YORK, June 24- The rapid growth of electronic cigarette sales poses a rising but under-appreciated risk to holders of as much as $96 billion of bonds tied to payments tobacco companies make to U.S. states from a sweeping legal settlement in 1998..
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NEW YORK/ DETROIT, June 16- U.S. banks looking to get in on a booming market for financing new-car sales have run into a formidable competitor: the auto manufacturers themselves.
BANGKOK, June 12- As Thailand's junta tries to pull the economy back from the verge of recession, the generals have a significant advantage over the government they ousted- the country's banks are prepared to lend them money, and cheaply too.
A surge in business loans to the slowing mainland Chinese economy has prompted Hong Kong regulators to impose strict financial rules.
SEOUL, June 9- South Korea's economy has proved highly immune to market turmoil elsewhere and will maintain a "breakout" growth pattern over five years to catch up with Japan and France in per-capita income in purchasing-power terms, Moody's said on Monday.
SAO PAULO, June 5- A surge in non-performing loans at Brazil's state-run banks that began in the second half of 2013 is likely to intensify in coming quarters, reinforcing the need to set aside more money to cover potential losses, Moody's Investors Service said on Thursday.
A federal judge ruled that litigation accusing S&P of inflating credit ratings before the 2008 financial crisis belongs in state courts.
NEW YORK, June 3- Standard& Poor's suffered a defeat Tuesday in litigation accusing it of inflating credit ratings prior to the 2008 financial crisis, as a federal judge ruled that lawsuits by 16 U.S. states and Washington, D.C. belong in state courts, not federal court.