Puerto Rico October revenues top forecasts by $110 million

Reuters

Nov 4 (Reuters) - Puerto Rico's financially pressed centralgovernment reported on Monday that revenue collections inOctober were boosted by new taxes and totaled $856 million, a$262 million increase from a year earlier and $110 million overbudget.

In the first four months of the Caribbean island's 2014fiscal year, revenues are up by $350 million from a year earlierand ran $120 million over forecasts, according to preliminarydata issued by Secretary of the Treasury Melba Acosta Febo.

Corporate income tax revenue in October totaled $239million, representing an increase of $157 million over Octoberof last year. Withholding from non-resident corporations alsoregistered a significant year-over-year increase of $153million, Acosta Febo said.

Puerto Rico is a major issuer of debt in the U.S. municipaldebt market and whose exceptionally high yields reflect wideworries that the island may default on some of its bonds. WallStreet credit agencies rate Puerto Rico's general obligationdebt just above non-investment grade.

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