The Children’s Trust is a not-for-profit corporate entity created pursuant to Act No. 173- 1999, as amended, as a public instrumentality of the Commonwealth of Puerto Rico. The Children’s Trust was created to securitize future payments from cigarette manufacturers under a tobacco litigation Master Settlement Agreement.
The Employee Retirement System of the Government of the Commonwealth of Puerto Rico (“ERS”) is a statutory trust and governmental instrumentality of the Government of Puerto Rico created by Act No. 447 of May 15, 1951, as amended. ERS was created to provide pension and other benefits to retired employees of the Government of Puerto Rico, most of the public corporations and the municipalities of Puerto Rico. However, Act No. 106-2017 replaced such system with a pay-as -you-go system under which the Commonwealth pays pension benefits directly to retirees. Learn more about ERS here.
The GDB Debt Recovery Authority (the “DRA”) is a statutory public trust and governmental instrumentality created pursuant to Act 109-2017, as amended. The DRA was created for the purpose of issuing bonds secured by certain assets transferred to the DRA by Government Development Bank for Puerto Rico (“GDB”). Outstanding notes and deposits of GDB were exchanged for DRA bonds in a debt restructuring transaction implemented pursuant to Title VI of PROMESA in 2018.
Learn more here.
The Puerto Rico Municipal Finance Agency (“MFA”) is a public corporation of the Government created pursuant to Act No. 29 of June 30, 1972, as amended. MFA is authorized to issue bonds to purchase general obligation bonds and notes of Puerto Rico municipalities.
The Puerto Rico Aqueduct and Sewer Authority (“PRASA”) is a public corporation and instrumentality of the Government created under Act No. 40 of May 1, 1945, as amended. PRASA owns and operates Puerto Rico’s public water supply and wastewater systems. Such systems provide water and wastewater services to approximately 97% and 59% of the Puerto Rico’s population, respectively. Learn more about PRASA here.
The 2020A and 2020B Senior Bonds are not rated by any nationally recognized statistical rating organization.
The Puerto Rico Convention Center District Authority (“CCDA”) is a public corporation created pursuant to Act No. 351-2000, as amended. CCDA was created to develop, manage and oversee the Puerto Rico Convention Center, the Coliseo de Puerto Rico José Miguel Agrelot, and other adjacent hospitality, commercial and residential developments within the Convention Center District (the “District”). The District consists of 113 acres with hotels, restaurants, office space, and entertainment areas.
Learn more about CCDA here.
The Puerto Rico Electric Power Authority (“PREPA”) is a public corporation of the Government of Puerto Rico created pursuant to Act No. 83 of May 2, 1941, as amended. PREPA owns and operates electric generation, transmission and distribution facilities serving all of Puerto Rico. As the sole electric utility in Puerto Rico, PREPA provides electricity to approximately 1.5 million customers.
On June 22, 2020, PREPA and the Puerto Rico Public-Private Partnership Authority (“P3 Authority”) selected LUMA Energy, LLC to operate, maintain and modernize the electricity transmission and distribution system of PREPA for fifteen years through a public-private partnership. For more information on this initiative, please visit the P3 Authority’s website at: https://aafaf.pr.gov/p3/projects/
Learn more about PREPA here.
The Puerto Rico Highways and Transportation Authority (“HTA”) is a public corporation created pursuant to Act No. 74 of June 23, 1965, as amended. HTA was created for the purpose of constructing, operating and maintaining Puerto Rico’s toll road network, major highways and mass transportation facilities. Learn more about HTA here.
The Puerto Rico Housing Finance Authority (“PRHFA”) is a governmental instrumentality created pursuant to Act No. 103-2001, as amended. PRHFA was created to provide public and private housing developers with interim and permanent financing through mortgage loans for the construction, improvement, operation, and maintenance of rental housing for low- and moderate-income families.
Learn more about PRHFA here