Puerto Rico Electric Utility’s Late Accounts Surge 219% From ’12
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Puerto Rico’s electric agency, which may undertake the largest debt-restructuring ever in the municipal-bond market, is seeing overdue accounts surge, underscoring the difficulty of repairing the utility’s finances.
The junk-rated U.S. territory’s Electric Power Authority, called Prepa, had a 219 percent jump since 2012 for home and company accounts late at least 120 days, according to a report from an outside consultant.