Puerto Rico Electric Cheap to Detroit at Record Low: Muni Credit – Businessweek

Governor Alejandro Garcia Padilla, who took office in January, enacted a budget for the fiscal year that began July 1 that uses $750 million of deficit financing, the smallest amount since at least 2009, according to Puerto Rico’s Government Development Bank. Photographer: David F Gasser/LatinContent via Getty ImagesPuerto Rico’s electric agency is set to pay record-high yields after Detroit’s bankruptcy helped drive a cash exodus from the municipal market. OppenheimerFunds Inc. and Janney Montgomery Scott say now’s the time to buy as the commonwealth moves to mend its economy. More…

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