In the Margins

U.S. mutual funds lean on Puerto Rico legislators

February 26, 2016

By Reuters

Puerto Rico's largest mutual fund creditors are urging its government to honor debt owed to creditors of its sales taxing authority. Puerto Rico is trying to climb out of economic crisis by reaching consensual restructuring deals with various creditor groups. Among its obligations is about $17 billion in debt owed to creditors of its sales taxing authority, known as COFINA. In a letter on Wednesday night to Puerto Rico's legislators, Franklin Advisers, OppenheimerFunds and the First Puerto Rico Family of Funds said the U.S. territory should protect COFINA debt. The funds have more than $10 billion combined invested in Puerto Rico, including a big stake in COFINA. Read the original story from Reuters.



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