Friday, October 23, 2020

Cofina publishes audited statements for fiscal year 2020

By on September 23, 2020

Fiscal Agency: Completion shows ‘transparency and commitment’ to bondholders on its path to return to capital markets

SAN JUAN –The Puerto Rico Sales Tax Financing Corp. (Cofina by its Spanish acronym) has completed the audit of the corporation’s financial statements for fiscal year 2020 and has posted the audit on the Municipal Securities Rulemaking Board Electronic Municipal Market Access (EMMA) website.  

In connection with the audit, the Cofina has also issued and posted its Annual Financial Information and Operating Data Report for fiscal year 2020 “in compliance with its continuing disclosure obligations under the Continuing Disclosure Agreement executed by the Corporation in connection with the issuance of the Corporation’s Restructured Sales Tax Bonds,” reads the news release issued by the Puerto Rico’s Fiscal Agency and Financial Advisory Authority.  

The completion of the audit and the publication of the financial statements and Annual Report “in record time demonstrates the Corporation’s accomplishment in achieving transparency and commitment to meet its obligations to its bondholders as part of its return to the capital markets,” the release adds. “Under the leadership of its board of independent directors, COFINA has published the FY2020 Audit in less than 90 days after the end of the fiscal year and has become the first issuer in the Commonwealth of Puerto Rico to publish its FY2020 audited financial statements.”