ISDA determines 'failure-to-pay' event has occurred on Puerto Rico debt
July 18 (Reuters) - The International Swaps and Derivatives Association on Monday said it has determined that a failure to pay credit event occurred in respect to Puerto Rico missing bond payments of more than $900 million earlier this month.
ISDA said in a statement the judgment was made by its Americas Credit Derivatives Determinations Committee and that it will publish additional information on the Puerto Rico credit event, including whether a credit default swaps auction will be held, "in due course."
(Reporting By Dan Burns)
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