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Home > Investor Resources > Tax-Exempt Securities by Issuer > Puerto Rico Electric Power Authority

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Puerto Rico Electric Power Authority (PREPA)

Website: http://www.prepa.com

Credit Ratings

	Moody's	Standard & Poor's	Fitch
Power Revenue Bonds	Caa3	D	C

Credit Rating Reports on PREPA

	Go to Commonwealth section to access other credit rating reports affecting PREPA debt

	Standard & Poor's - July 2, 2015

View prior reports from Credit Rating Agencies

Security

Revenue bonds are payable from the Authority's net revenues that are derived from charges for electric services. The bonds are protected by substantial debt service reserves. The Authority may raise rates as necessary to assure adequate coverage of debt service without the approval of any regulatory agency.

Functions

PREPA owns and operates electric generating and distribution facilities serving all of Puerto Rico, supplying 99 percent of the power consumed on the Island. Dependable generating capacity aggregates approximately 4.4 million kilowatts, and adequately supplies the highly industrialized economy of Puerto Rico.

Trustee Under the Trust Agreement

Power Revenue Bonds
US Bank Trust National Association
New York, N.Y.

Consulting Engineers:
Washington Group International

Financial Statements Audited by:
Ernst & Young

Financial Statements

June 30, 2014

Official Statements

	Puerto Rico Electric Power Authority - $673,145,000 Power Revenue Bonds, Series 2013A August 15, 2013
	Puerto Rico Electric Power Authority - $650,000,000 Power Revenue Bonds, Series 2012A Power Revenue Refunding Bonds, Series 2012B April 12, 2012
	Puerto Rico Electric Power Authority - $355,730,000 Power Revenue Bonds, Series EEE (Issuer Subsidy Build America Bonds) December 24, 2010
	Puerto Rico Electric Power Authority - $218,225,000 Power Revenue Refunding Bonds, Series DDD September 29, 2010
	Puerto Rico Electric Power Authority - $316,920,000 Power Revenue Bonds, Series CCC May 20, 2010
	Puerto Rico Electric Power Authority - $76,800,000 Power Revenue Bonds, Series BBB May 20, 2010
	Puerto Rico Electric Power Authority Power Revenue Bonds, Series ZZ - $631,160,000 Supplement for Power Revenue Bonds, Series AAA - $363,075,000 April 22, 2010
	Puerto Rico Electric Power Authority - $631,160,000 Power Revenue Bonds, Series ZZ April 22, 2010
	Puerto Rico Electric Power Authority - $320,175,000 Power Revenue Bonds, Series YY April 22, 2010
	Puerto Rico Electric Power Authority - $822,210,000 Power Revenue Bonds, Series XX March 26, 2010
	Puerto Rico Electric Power Authority - $697,345,000 Power Revenue Bonds, Series WW June 18, 2008
	Puerto Rico Electric Power Authority - $557,410,000 Power Revenue Refunding Bonds, Series VV May 16, 2007
	Puerto Rico Electric Power Authority - $1,943,565,000 $643,530,000 Power Revenue Bonds, Series TT $1,300,035,000 Power Revenue Refunding Bonds, Series UU April 19, 2007
	Puerto Rico Electric Power Authority - $993,450,000 $509,520,000 Power Revenue Bonds, Series RR $483,930,000 Power Revenue Refunding Bonds, Series SS March 24, 2005
	Supplement to Official Statement Puerto Rico Electric Power Authority - $95,270,000 Power Revenue Refunding Bonds, Series QQ (Forward Delivery) March 24, 2005
	Puerto Rico Electric Power Authority - $319,970,000 $136,105,000 Power Revenue Refunding Bonds, Series OO $88,595,000 Power Revenue Refunding Bonds, Series PP $95,270,000 Power Revenue Refunding Bonds, Series QQ (Forward Delivery) August 12, 2004
	Puerto Rico Electric Power Authority - $517,305,000 Puerto Rico Electric Power Authority Power Revenue Bonds, Series NN August 8, 2003
	Puerto Rico Electric Power Authority - $105,055,000 Puerto Rico Electric Power Authority Power Revenue Refunding Bonds, Series MM September 20, 2002
	Puerto Rico Electric Power Authority - $499,910,000 $401,785,000 Power Revenue Refunding Bonds, Series KK $98,125,000 Power Revenue Bonds, Series LL June 13, 2002
	Supplement, dated December 19, 2001, to Official Statement, dated December 13, 2001, relating to Puerto Rico Electric Power Authority - $720,370,000 $515,305,000 Power Revenue Bonds, Series II $205,065,000 Power Revenue Refunding Bonds, Series JJ December 19, 2001
	Puerto Rico Electric Power Authority - $720,370,000 $515,305,000 Power Revenue Bonds, Series II $205,065,000 Power Revenue Refunding Bonds, Series JJ December 13, 2001
	Puerto Rico Electric Power Authority - $565,590,000 $464,840,000 Power Revenue Bonds, Series AA $100,750,000 Power Revenue Refunding Bonds, Series BB May 8, 1997

March 14, 2016 Amended and Restated Restructuring Support Agreement

	Amended and Restated Restructuring Support Agreement by and among PREPA, Puerto Rico Electric Power Authority Revitalization Corporation, National Public Finance Guarantee Corporation, Assured Guaranty Corp., Assured Guaranty Municipal Corp., Syncora Guarantee Inc. the Ad Hoc Group of PREPA Bondholders, Scotiabank de PR, Solus L.P. and GDB
		3/29/2016 Amendment to Amended and Restated Restructuring Support Agreement by and among PREPA, Puerto Rico Electric Power Authority Revitalization Corporation, National Public Finance Guarantee Corporation, Assured Guaranty Corp., Assured Guaranty Municipal Corp., Syncora Guarantee Inc. the Ad Hoc Group of PREPA Bondholders, Scotiabank de PR, Solus L.P. and GDB
		3/23/2016 Amendment to Amended and Restated Restructuring Support Agreement by and among PREPA, Puerto Rico Electric Power Authority Revitalization Corporation, National Public Finance Guarantee Corporation, Assured Guaranty Corp., Assured Guaranty Municipal Corp., Syncora Guarantee Inc. the Ad Hoc Group of PREPA Bondholders, Scotiabank de PR, Solus L.P. and GDB

February 24, 2016

Notice of Enactment of PREPA Revitalization Act

January 27, 2016 PREPA Restructuring Support Agreement

	Restructuring Support Agreement by and among PREPA, GDB, the Ad Hoc Group of PREPA Bondholders, Scotiabank de PR and Solus L.P. National Public Finance Guarantee Corporation, Assured Guaranty Corp., Assured Guaranty Municipal Corp., and Syncora Guarantee Inc.
		2/19/2016 Amendment to Restructuring Support Agreement by and among PREPA, GDB, the Ad Hoc Group of PREPA Bondholders, Scotiabank de PR, Solus L.P., National Public Finance Guarantee Corporation, Assured Guaranty Corp., Assured Guaranty Municipal Corp., and Syncora Guarantee Inc.

December 23, 2015 PREPA Amended and Restated RSA

Restructuring Support Agreement by and among PREPA, GDB, the Ad Hoc Group of PREPA Bondholders, Scotiabank de PR and Solus L.P. National Public Finance Guarantee Corporation, Assured Guaranty Corp., Assured Guaranty Municipal Corp., and Syncora Guarantee Inc.

November 5, 2015 PREPA Restructuring Support Agreement

	Restructuring Support Agreement by and among PREPA, GDB, the Ad Hoc Group of PREPA Bondholders, Scotiabank de PR and Solus L.P.
		12/7/2015 Amendment to Restructuring Support Agreement by and among PREPA, GDB, the Ad Hoc Group of PREPA Bondholders, Scotiabank de PR and and Solus L.P.
		11/20/2015 Amendment to Restructuring Support Agreement by and among PREPA, GDB, the Ad Hoc Group of PREPA Bondholders, Scotiabank de PR and and Solus L.P.
		11/12/2015 Amendment to Restructuring Support Agreement by and among PREPA, GDB, the Ad Hoc Group of PREPA Bondholders, Scotiabank de PR and and Solus L.P.

August 14, 2014 PREPA Forbearance Agreements and Amendments

	Forbearance Agreement between PREPA and Citibank, N.A.
		11/3/2015 Amendment to Forbearance Agreement between PREPA and Solus L.P.
		10/30/2015 Amendment to Forbearance Agreement between PREPA and Solus L.P.
		10/22/2015 Amendment to Forbearance Agreement between PREPA and Solus L.P.
		10/15/2015 Amendment to Forbearance Agreement between PREPA and Solus L.P.
		10/1/2015 Amendment to Forbearance Agreement between PREPA and Solus L.P.
		9/22/2015 Amendment to Forbearance Agreement between PREPA and Solus L.P.
		9/18/2015 Amendment to Forbearance Agreement between PREPA and Solus L.P.
		9/1/2015 Amendment to Forbearance Agreement between PREPA and Solus L.P.
		6/30/2015 Amendment to Forbearance Agreement between PREPA and Solus L.P.
		6/18/2015 Amendment to Forbearance Agreement between PREPA and Solus L.P.
		6/04/2015 Amendment to Forbearance Agreement between PREPA and Solus L.P.
		4/30/2015 Amendment to Forbearance Agreement between PREPA and Solus L.P.
		4/15/2015 Amendment to Forbearance Agreement between PREPA and Citibank, N.A.
		3/30/2015 Amendment to Forbearance Agreement between PREPA and Citibank, N.A.
	Forbearance and Amendment Agreement between PREPA and Scotiabank de PR
		11/3/2015 Amendment to Forbearance Agreement between PREPA and Scotiabank
		10/30/2015 Amendment to Forbearance Agreement between PREPA and Scotiabank
		10/22/2015 Amendment to Forbearance Agreement between PREPA and Scotiabank
		10/15/2015 Amendment to Forbearance Agreement between PREPA and Scotiabank
		10/1/2015 Amendment to Forbearance Agreement between PREPA and Scotiabank
		9/22/2015 Amendment to Forbearance Agreement between PREPA and Scotiabank
		9/18/2015 Amendment to Forbearance Agreement between PREPA and Scotiabank
		9/1/2015 Amendment to Forbearance Agreement between PREPA and Scotiabank
		6/30/2015 Amendment to Forbearance Agreement between PREPA and Scotiabank
		6/18/2015 Amendment to Forbearance Agreement between PREPA and Scotiabank
		6/04/2015 Amendment to Forbearance Agreement between PREPA and Scotiabank
		4/30/2015 Amendment to Forbearance Agreement between PREPA and Scotiabank
		4/15/2015 Amendment to Forbearance Agreement between PREPA and Scotiabank
		3/30/2015 Amendment to Forbearance Agreement between PREPA and Scotiabank
	Forbearance Agreement between PREPA, and National Public Finance Guarantee Corporation, Assured Guaranty Corp., Assured Guaranty Municipal Corp., Syncora Guarantee Inc., and Ad Hoc Group of PREPA Bondholders
		11/3/2015 Amendment to the Forbearance Agreement between PREPA and Ad Hoc Group of Bondholders
		10/30/2015 Amendment to the Forbearance Agreement between PREPA and Ad Hoc Group of Bondholders
		10/22/2015 Amendment to the Forbearance Agreement between PREPA and Ad Hoc Group of Bondholders
		10/15/2015 Amendment to the Forbearance Agreement between PREPA and Ad Hoc Group of Bondholders
		10/1/2015 Amendment to the Forbearance Agreement between PREPA and Ad Hoc Group of Bondholders
		9/18/2015 Amendment to the Forbearance Agreement between PREPA and Ad Hoc Group of Bondholders
		9/1/2015 Amendment to the Forbearance Agreement between PREPA and Assured, Syncora, Ad Hoc Group of Bondholders, and other parties
		6/30/2015 Amendment to Forbearance Agreement between PREPA and National, Assured, Syncora and Ad Hoc Group of Bondholders
		6/18/2015 Amendment to Forbearance Agreement between PREPA and National, Assured, Syncora and Ad Hoc Group of Bondholders
		6/04/2015 Amendment to Forbearance Agreement between PREPA and National, Assured, Syncora and Ad Hoc Group of Bondholders
		4/30/2015 Amendment to Forbearance Agreement between PREPA and National, Assured, Syncora and Ad Hoc Group of Bondholders
		4/15/2015 Amendment to Forbearance Agreement between PREPA and National, Assured, Syncora and Ad Hoc Group of Bondholders
		3/30/2015 Amendment to Forbearance Agreement between PREPA and National, Assured, Syncora and Ad Hoc Group of Bondholders
	Forbearance Agreement between PREPA and Government Development Bank for Puerto Rico

Trust Agreement

Trust Agreement by and between Puerto Rico Water Resources Authority and First National Citi Bank as Trustee, dated January 1, 1974

Fiscal Agency and Financial Advisory Authority Contact
Jesús M. García-Rivera
Vice President

Director of Revenue Obligations Financing
Revenue Obligations Department
Tel. (787) 722-2525 x-15250
Fax (787) 728-6835
Email: Jesus.M.Garcia@aafaf.pr.gov

PREPA Contact
Luis Figueroa Báez
Chief Financial Officer
Puerto Rico Electric Power Authority
PO Box 364267, San Juan, PR 00936-4267
Tel. (787) 521-4506/4502
Fax (787) 521-4608
Email: luis-figueroa@aeepr.com

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Submitted before the State Electoral Commission on December 10, 2015. Case No. CEE-SA-16-217.