Puerto Rico News Digest For March 13, 2015

CUBAN MIGRANTS RESCUED FROM MONITO

Photo: U.S. Coast Guard

From Local 10:

The U.S. Coast Guard rescued eight Cuban migrants from Monito Island,
Puerto Rico Wednesday afternoon, following a two-day rescue effort in the
Mona Passage. Authorities said the seven men and woman were spotted
Tuesday afternoon by a Coast Guard  pilot who was on a routine patrol
in the Mona Passage. Authorities said the group was stranded at the
bottom of a 150-foot  cliff of the uninhabited island, which is a natural
reserve and serves as a bird habitat.

DUTCH TRAVELER KILLED IN HIT AND RUN

Globetrotter and sailor Laurens Higler, age 26, was killed this
morning on Road 3 in Guayama after being struck by a car. The
driver fled the scene after the incident.  The deceased, who was
from Holland, was stopping off in Puerto Rico during his travels
around the globe.  Police have stated that they have recovered
physical evidence which could lead them to the driver who struck
Higler.

GOVERNOR DEFENDS IVA TV MESSAGE

From The San Juan Daily Star:

Gov. Alejandro García Padilla on Wednesday defended his most recent
pre-recorded televised message, in which he justified his proposed tax
reform and the 16 percent value added tax. “What this message was
about, at the end of the day, is to be  able to speak to people directly,
and there is a public purpose that is priceless,” García Padilla said in
TV interview. “We are talking about a profound transformation and
all transformations convey resistances.”

EIGHT MURDER VICTIMS IN LESS THAN A WEEK

As reported today by El Vocero, eight people were killed -- mostly in
shootings -- between Tuesday afternoon and early Friday morning.
The incidents were reported in Hato Rey, Santurce, Yabucoa, Bayamón
and San Lorenzo. This week's murders bring the total for the month to
20, five more than at this time last year. So far, 103 violent deaths have
been registered in Puerto Rico, 27 less than last year.

MOODY'S DOWNGRADES UPR BONDS

From Caribbean Business:

Moody's Investors Service said it downgraded $489 million of  University
of Puerto Rico University system revenue bonds to  Caa2 from Caa1 and
$73 million of educational facilities revenue bonds, 2000 Series A issued
through AFICA to Caa3 from Caa2. The outlook is negative.

The rating differential between the university system revenue bonds and
the educational facilities revenue bonds reflects the subordinate pledge
and lease structure of the educational facilities revenue bonds.

DORAL BANK GOES TO CHAPTER 11 BANKRUPTCY

From Reuters:

Doral Financial Corp filed for Chapter 11 bankruptcy protection  on
Wednesday to wind down its remaining operations two weeks after its
Puerto Rico-based bank subsidiary was seized by regulators. Doral
Financial's bankruptcy is the latest reminder of the financial crisis on
the island, a U.S. commonwealth, which has been mired for years in
an economic slump. The bank has also been dogged by accounting
problems and an employee was recently indicted for money laundering.



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