July 18, 2016 / 4:41 PM / 2 years ago

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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