Organizers claimed that nearly 2 million Hong Kong protesters took to the streets Sunday in a rally to demand the city's top official resign a day after she suspended — but...China Politicsread more
The Fed is not likely to make a move on interest rates when it meets next week, but it should clear the way for a rate cut later in the summer.Market Insiderread more
Software engineers straight out of college often make six-figure salaries, not counting equity compensation.Technologyread more
Representatives from the Chinese side say they think it likely that Chinese President Xi Jinping will attend the G-20 meeting later this month. But in order to reach a trade...China Economyread more
In the survey, 66% of Democratic primary voters say they'd be enthusiastic or comfortable about Biden as their nominee to take on President Trump in the 2020 election. Just...Politicsread more
You can save money by doing a quick check and unsubscribing from apps you no longer use.Technologyread more
Investors are holding out hope that Fed Chair Jerome Powell lays the groundwork for a rate cut as soon as July. Even just one this year would be a mistake, says Amanda Agati,...Trading Nationread more
A company spokesperson said the outage was the result of a "an internal technology issue" and was not security related.Retailread more
Mired in a crisis over its best-selling 737 Max plane, Boeing could hand the spotlight over to its rival Airbus at the Paris Air Show.Airlinesread more
Using MIT's living wage calculator, CNBC Make It mapped out the minimum amount a single parent must earn to meet their basic needs without relying on outside help in every...Earnread more
Luckin's opportunity in China is "one of the world's greatest retail growth opportunities," according to KeyBanc Capital Markets.Investingread more
Standard & Poor's downgraded Puerto Rico's general obligation rating to "CCC+" from "B."
The ratings agency said the downgrade—issued late Friday and announced again Monday morning—was based on its view that "the commonwealth's market access prospects have further weakened and Puerto Rico's ability to meet its financial commitments is increasingly tied to the business, financial, and economic conditions on the island."
It also placed the general obligation rating on CreditWatch negative.
S&P additionally lowered its ratings on Puerto Rico Sales Tax Financing Corp.'s (COFINA) first-lien and second-lien sales tax bonds to "CCC+" from "B." Other bonds, including those from the Puerto Rico Municipal Finance Agency and the Puerto Rico Employees Retirement System, were also downgraded with a negative outlook.
The ratings firm said that, absent improvements in the economic and business conditions in Puerto Rico, its analysts believe that "debt and other financial commitments will be unsustainable."
In its downgrade announcement, S&P cited its view that there is a lack of consensus on important parts of the 2016 budget which could "exacerbate liquidity and fiscal pressure." The firm said it expects to resolve the CreditWatch within three months when the budget is enacted.
S&P warned, however, that a delayed or flawed budget could result in an additional downgrade to "CCC" or lower.
A recent letter from Puerto Rico's Government Development Bank to its Governor warning of impending liquidity problems unless the government enacts a budget and begins tax reform. S&P wrote that the very existence the GDB letter "indicates liquidity stress."