“PRIFA [Puerto Rico Infrastructure Financing Authority] will not have sufficient funds to make a full payment on its special tax revenue bonds, Series 2005A-C and Series 2006, on January 1, 2016, for a total amount of approximately $36 million that is not expected to be paid,” the release stated on Wednesday.
Puerto Rico is also expected to miss a payment on $1.4 million of its Public Finance Corporation bonds.
However, the GDB announced it will make full principal and interest payments on the debt guaranteed by the Commonwealth, which amounts $434 million. The $10 million debt on outstanding GDB notes will also be covered, according to the statement.
In August, Puerto Rico defaulted on its $73 billion debt and has been beset by financial problems since.
President Barack Obama has established an interagency task force on Puerto Rico to leverage available US federal assistance to help the Commonwealth, but the White House has stated it does not envision offering a bailout.
