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Happy Friday!

Hurricanes & PR Revised Budget Likely Mean Deeper Bond Losses

The Takeaway: In early October, the PROMESA Financial Oversight and Management Board (FOMB) published a letter to Congressional leaders following the devastation in Puerto Rico (PR) due to Hurricanes Irma and Maria. FOMB stated that the hurricanes “have fundamentally changed Puerto Rico’s reality” and are expected to cause “lower revenues, higher costs, and delayed or…

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