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  • People walk on the boardwalk in Atlantic City, N.J., Nov. 8, 2014.

    Atlantic City decided to make its $1.8 million bond payment Monday to avoid default, Mayor Don Guardian says.

  • NEW YORK— Puerto Rico's worsening debt crisis is dimming the economic outlook for the U.S. territory and putting pressure on Congress to help resolve the situation but it is having little effect on the market for municipal bonds and most investors. Alejandro Garcia Padilla said Monday Puerto Rico did not make a debt payment of nearly $370 million and called on...

  • A Puerto Rican flag flies from a building in San Juan, Puerto Rico.

    Puerto Rico is at risk of registering its largest default to date, as $470 million in debt obligations are due on Monday.

  • Puerto Rico's looming default

    CNBC's Kate Kelly and Nader Tavakoli, President and CEO of Ambac Financial Group and Ambac Assurance Corp., discuss Puerto Rico's looming debt deadline on Monday, May 2nd.

  • April 21- Atlantic City's independent public water utility had its credit rating downgraded four notches to junk on Thursday because of uncertainty about whether it would be dissolved or restructured to generate money for the nearly insolvent New Jersey city. The revenue bonds issued by Atlantic City Municipal Utilities Authority were cut to' B-' and placed...

  • Mickey Mouse (L)rides on a golden Dumbo with Caroline Sunshine age nine, on the Disney 50th anniversary press preview day at Disneyland in Anaheim, CA,

    Orange County, still paying off debt from its 1994 bankruptcy filing, hopes to issue its first long-term bond sale in nearly a decade.

  • April 20- The Government Development Bank of Puerto Rico has filed with regulators to issue taxable one-year notes as it faces a looming debt default on May 1, Bloomberg news service reported on Wednesday. The filing with the Municipal Securities Rulemaking Board did not list the size of the possible deal or the coupon, Bloomberg reported.

  • WASHINGTON, April 19- A high-ranking Republican senator on Tuesday dismissed as "not satisfactory" draft legislation aimed at addressing Puerto Rico's fiscal crisis before a looming debt default on May 1, deepening intraparty divisions on the complex rescue effort. Orrin Hatch of Utah, who chairs the powerful Senate Finance Committee, told reporters that...

  • NEW YORK, April 14- A top official of a New York City suburb was charged on Thursday with defrauding investors who helped finance a controversial minor league baseball stadium, in what authorities called the first criminal securities fraud prosecution involving municipal bonds. Christopher St. Lawrence, the elected supervisor of Ramapo, New York, was charged...

  • NEW YORK, April 14- Two Ramapo, New York, officials have been indicted in what the federal government believes is the first criminal securities fraud prosecution involving municipal bonds. A 22- count indictment unveiled on Thursday charges Christopher St. Lawrence, the town supervisor, and N. Aaron Troodler, former executive director of the non-profit Ramapo...

  • NEW YORK, April 14- The FBI has arrested the town supervisor of Ramapo, New York, whose municipal bonds have been at the center of an investigation of potential securities violations, an agency spokeswoman said on Thursday. During the May 2013 operation, the FBI seized material on the town's finances since 2009 and bonds issued by Ramapo and the Local Development...

  • The Federal Bureau of Investigation arrested Christopher St. Lawrence, the town supervisor for Ramapo, which is located 28 miles northwest of New York City, agency spokeswoman Kelly Langmesser said.

  • FBI ARRESTS TOWN SUPERVISOR OF RAMAPO, NEW YORK, FOLLOWING PROBE RELATED TO MUNICIPAL BONDS--FBI SPOKESWOMAN.

  • NEW YORK, April 13- The premium Connecticut pays to borrow over top rated issuers was little changed on Wednesday, a day after officials announced a package of measures to help close a $922 million budget deficit in the next 2016-2017 fiscal years starting July 1. Connecticut now pays 0.54 of a percentage point over top rated issuers to borrow in the municipal...

  • WASHINGTON, April 13- The U.S. Congress was ironing out a new plan on Wednesday to rescue Puerto Rico from crippling debts that threaten the island territory's funding for hospitals and emergency services, as the treatment of bondholders simmers as a point of contention. It would steer creditors and holders of Puerto Rico bonds toward a new, independent board...

  • WASHINGTON, April 12- Leading Republicans on Tuesday outlined a plan to help Puerto Rico shed crippling debt and accused investor-allied groups of misleading lawmakers about the proposal. The rescue would steer creditors and holders of Puerto Rico bonds toward a new, independent board that would seek a fair way to write down an estimated $70 billion in debt.

  • SAN JUAN, April 6- Puerto Rico's governor on Wednesday signed an emergency bill allowing the government to halt payments on its debt, throwing into doubt broader restructuring plans to stave off a financial collapse of the U.S. territory. The measure, which earlier passed Puerto Rico's legislature, lets Governor Alejandro Garcia Padilla declare a moratorium...

  • SAN JUAN, April 5- Bondholders with nearly a third of Puerto Rico's $17 billion outstanding General Obligation bonds on Tuesday unveiled a proposal for a debt restructuring they claim would help the island avoid outright default. "Incurring additional debt at a higher cost is not the answer to the Commonwealth's fiscal issues," Melba Acosta, president of Puerto...

  • SAN JUAN, April 5- Bondholders with nearly a third of Puerto Rico's $17 billion outstanding General Obligation bonds on Tuesday unveiled a proposal for a debt restructuring they claim would help the island avoid outright default. These bondholders earlier criticized legislation being rushed through Puerto Rico's Senate and House on Tuesday that would...

  • Bondholders represented by law firm Paul Weiss Rifkind Wharton& Garrison issued the statement ahead of an expected vote by Puerto Rico's House of Representatives on a bill that would let Governor Alejandro Garcia Padilla declare a debt moratorium. Puerto Rico, which is not covered by U.S. municipal bankruptcy law, faces a debt of around $70 billion that Garcia...