Puerto Rico

But it still remains slightly higher than it was a year ago.

The board says the law will reduce economic activity and government revenues.

The team now wants the option to continue discussions through September.

Judge gives Puerto Rico Oversight Board until next week to submit a plan of adjustment.

Although he called them "excessive and arbitrary," Gov. Pedro Pierluisi agreed to create a reserve fund, reduce the maximum conservation easement tax credit, and freeze implementation of a physician tax incentive.

Moody's says the cut is a credit negative for the U.S. Virgin Islands' matching fund bonds.

The bankruptcy judge indicated her support for the deal reached between Assured Guaranty and Franklin Advisors and Nuveen.

Assured Guaranty, Nuveen, and Franklin Advisors agreed to compromise language in the proposed HTA plan of adjustment.

Revenues were 14.4% higher than those in the previous fiscal year.

The Oversight Board told Gov. Pedro Pierluisi he must take steps to make sure it's revenue neutral or it could block the new tax.