Puerto Rico Governor Suspends Payments On Infrastructure Debt

Puerto Rican Governor Alejandro Garcia Padilla late on Friday declared a suspension of any payments on some debt issued by the U.S. territory's infrastructure financing authority, citing the authority granted under a local emergency debt moratorium law.

Garcia Padilla signed an executive order that applies to "certain Puerto Rico Financing Authority (PRIFA) notes," a statement from the government said. "With this action, all obligations to transfer revenues or funds related to the PRIFA BANs (bond anticipation notes) are suspended," the statement said.