“The island of Puerto Rico shocked investors by passing a law that gives its government-controlled corporations the ability to restructure their debt. Until that point, many investors assumed that the government of the U.S. territory would stand fully behind the bonds, although there was never a promise to do so. The impact has been dramatic because Puerto Rico’s government and related entities have $73 billion of outstanding debt, nearly $20,000 for every resident of the island, and it has been widely held by U.S. high-yield muni funds. Some of the biggest funds were heavily overweight in Puerto Rican debt and have taken a battering as a result.”
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