Puerto Rico defaults on constitutionally guaranteed debt

Puerto Rico's government on Friday failed to pay nearly half of $2 billion in bond payments due.

The miss marks the commonwealth’s first-ever default on its constitutionally guaranteed debt.

The default came a day after President Barack Obama signed legislation designed to help Puerto Rico get out of debt. The legislation did not provide a funding mechanism, but it gave the island a stay against creditor litigation.

Read more from The Wall Street Journal.