Autoridad de Asesoría Financiera y Agencia Fiscal de Puerto Rico

What Autoridad de Asesoría Financiera y Agencia Fiscal de Puerto Rico does

The Autoridad de Asesoría Financiera y Agencia Fiscal de Puerto Rico (AAFAF), also known as the Puerto Rico Fiscal Agency and Financial Advisory Authority, is an independent public corporation established under Act 2-2017 and operating within the federal PROMESA framework enacted in 2016. It serves as Puerto Rico's statutory fiscal agent, financial advisor, and reporting authority, with an exclusive mandate to renegotiate and restructure the debts of the Government of Puerto Rico and its instrumentalities. The agency is led by Executive Director Francisco J. Domenech, Esq., who concurrently serves as Chief of Staff of Puerto Rico's Government since January 2025.

AAFAF's core services include Title III court-supervised and Title VI out-of-court debt restructuring mechanisms, comprehensive fiscal and liquidity reporting (TSA Cash Balance, AEE/AAA/UPR bank account balances), macroeconomic indicators, payroll and headcount reporting, invoice processing KPIs, maximum interest rate publications, and Debt Management Policy administration. It operates four wholly-owned entities: CEDBI (Real Property Evaluation and Disposal Committee), COFIM (Municipal Finance Corporation), Children's Trust, and AFICA. The agency's technology footprint is conventional—government website, document repository, and social media channels—with no proprietary AI, ML, or software systems disclosed.

AAFAF has no commercial revenue model; it is funded through Commonwealth appropriations and serves statutory rather than commercial clients. Its primary counterparties are the Government of Puerto Rico, the federally-mandated Financial Oversight and Management Board (FOMB), public corporations such as the Electric Power Authority and Aqueduct and Sewer Authority, the University of Puerto Rico, Puerto Rico's 78 municipalities (via COFIM), the U.S. Treasury Department, and credit rating agencies. Distribution is exclusively direct-government-service, and customer concentration is effectively 100% to the Puerto Rico public sector. Headcount is 7 disclosed employees, with operations headquartered at the Roberto Sánchez Vilella (Minillas) Government Center in San Juan.

Name

Autoridad de Asesoría Financiera y Agencia Fiscal de Puerto Rico

Legal name

Puerto Rico Fiscal Agency and Financial Advisory Authority

Website

https://aafaf.pr.gov

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

1–10 employees

Short description

AAFAF is Puerto Rico's statutory fiscal agent and financial advisory authority, established under Act 2-2017 and PROMESA to restructure public debt, coordinate fiscal plans, and publish financial reports for the Government of Puerto Rico and its instrumentalities.

Ownership category

akta.pro rank

Product category

Government Fiscal Advisory Services

NAICS

Public Administration (92)

SIC

Federal & Federally-Sponsored Credit Agencies (6111)

akta.pro industry

PRIMARYBPAIAEAC

Public Debt Management

Business & Public Services/Public Sector & Government Administration/Public Finance, Treasury & Procurement

SECONDARYBPAIAEAD

Government Accounting & Financial Reporting

Business & Public Services/Public Sector & Government Administration/Public Finance, Treasury & Procurement

SECONDARYFSAEAGAD

Debt Advisory & Financing Advisory

Financial & Insurance/Financial Advisory, Brokerage & Intermediation/M&A Advisory & Corporate Finance

SECONDARYBPAHAOAD

Debt & Capital Advisory (Debt Raising, Refinancing, Private Credit)

Business & Public Services/Professional Services (Legal, Accounting, Consulting)/M&A, Transaction & Restructuring Advisory

Keywords

• Government fiscal advisory
• Public debt restructuring
• Municipal finance services
• Public financial reporting
• Fiscal management services

Headquarters

HQ city

San Juan

HQ country

Puerto Rico

HQ region

Latin America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Others

Distribution channels1 record

Marketing channels7 records

Core offering

AAFAF is an independent public corporation serving as Puerto Rico's fiscal agent, financial advisor, and reporting authority. It manages the restructuring of the Commonwealth's public debt through PROMESA Title III (court-supervised) and Title VI (out-of-court) mechanisms, coordinates fiscal plans and budgets, oversees compliance with certified fiscal plans, and publishes liquidity and macroeconomic reports. The agency also administers public property disposal through its CEDBI subsidiary and municipal financing through COFIM.

Product overview

AAFAF (Autoridad de Asesoría Financiera y Agencia Fiscal de Puerto Rico) is an independent public corporation serving as Puerto Rico's fiscal agent, financial advisor, and reporting authority. The organization operates as a unified government services entity focused on fiscal recovery and debt restructuring. Its core offerings include fiscal agent services, financial advisory services, and reporting authority functions. Under PROMESA legislation, AAFAF manages Title III (court-supervised) and Title VI (out-of-court) debt restructuring mechanisms. The agency provides comprehensive financial reporting services including liquidity reports, macroeconomic indicators, payroll and headcount reporting, invoice processing KPIs, and maximum interest rate publications. Additional programs include the Real Property Evaluation and Disposal Committee (CEDBI) for managing public property sales, and a COVID-19 Resource Center tracking federal relief funding.

Differentiator

Problem solved

Functional benefit

Products and services

• Fiscal Agent Services AAFAF serves as the fiscal agent for the Government of Puerto Rico and its public entities, managing debt restructuring and financial coordination.
• Financial Advisory Services Provides financial advisory services to government entities to assist in achieving fiscal responsibility and regaining access to capital markets.
• Title III Debt Restructuring Court-supervised process similar to bankruptcy for restructuring Puerto Rico's public debt under PROMESA, allowing comprehensive debt adjustment under judicial oversight.
• Title VI Debt Restructuring Out-of-court restructuring mechanism approved by a supermajority of creditors, providing a faster, consensual path to debt modification without formal court proceedings.
• Real Property Evaluation and Disposal (CEDBI) Wholly-owned subsidiary program that manages the valuation and sale of public properties, including disused school buildings and government properties, to drive economic growth.
• Municipal Finance Corporation (COFIM) Wholly-owned subsidiary that provides municipal financing and sales tax revenue management services to Puerto Rico's 78 municipalities.
• Macroeconomic Indicators Reporting Quarterly reports documenting Puerto Rico macroeconomic indicators compared to previous year and U.S. averages, produced and published quarterly.
• Debt Management Policy and Reports Comprehensive debt management framework including Debt Management Policy, periodic Debt Affordability Reports, and Interest Rate Derivatives Policy.

Quantifiable outcome

• First Moody's in-depth report on Puerto Rico in 5 years published in March 2026, indicating improved fiscal transparency

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered core and minor.

• Financial Oversight and Management Board for Puerto Rico (FOMB)coreStrategic or Co-development Partner · 1 January 2016The Oversight Board was established under PROMESA (2016) and works with AAFAF on fiscal plan certification, budget oversight, and debt restructuring. AAFAF serves as the Government's liaison with the Board, collaborating on fiscal reforms and compliance monitoring.
• Government of Puerto RicocoreStrategic or Co-development PartnerAAFAF serves as the fiscal agent, financial advisor, and reporting authority for the Government of Puerto Rico. The Executive Director of AAFAF serves as the Governor's designee as ex officio member of the Oversight Board.
• Public Entities and Instrumentalities of Puerto RicocoreStrategic or Co-development PartnerAAFAF collaborates with all government instrumentalities including Electric Power Authority (AEE), Aqueduct and Sewer Authority (AAA), University of Puerto Rico, and others on fiscal plans, debt management, and financial oversight.
• U.S. Treasury DepartmentcoreOthersFederal agency providing COVID-19 relief funding to Puerto Rico through CARES Act, CSLFRF, and ARP Act programs. AAFAF tracks and reports on the deployment of federal relief funds.
• Credit Rating Agencies (Moody's, S&P, Fitch)minorOthersAAFAF engages with credit rating agencies for investor communications and to support Puerto Rico's efforts to regain access to capital markets. Moody's published its first in-depth report on Puerto Rico in 5 years in March 2026.

Scale indicators5 records

Recent moves5 records

Expansion highlights5 records

Regional players

• New York State Office of the State Comptroller: U.S. state fiscal-oversight agency that publishes periodic fiscal reports, monitors public debt, and tracks state and local government budget execution - the closest analogue to AAFAF's reporting-authority functions in a U.S. state.
• California State Treasurer's Office: Large U.S. state fiscal agency responsible for bond issuance, debt management policy, and public-investment reporting - comparable breadth of mandate at sub-national level.

Emerging players

• Alvarez & Marsal: Restructuring advisory firm often engaged as fiscal monitor / restructuring consultant for distressed sovereigns and territories; provides similar debt-restructuring and turnaround-advisory service overlay.
• FTI Consulting: Global consulting firm with strong sovereign, public-sector, and restructuring practices - private-sector comparator to the financial-advisory and reporting services AAFAF provides to the Government of Puerto Rico.

Direct peers

• Development Finance Corporation (Puerto Rico): Puerto Rico's economic development finance institution; sister entity providing credit facilities and incentives to private sector. Comparable institutional mandate inside the same Puerto Rico government ecosystem.
• Government Development Bank of Puerto Rico (predecessor): The historical Puerto Rico fiscal agency / credit intermediary that AAFAF effectively replaced. Most directly comparable peer - managed Puerto Rico's debt issuance, public-entity banking, and creditor relationships prior to PROMESA-era restructuring.

Broad incumbents

• Houlihan Lokey: Global investment bank with deep sovereign and municipal debt-restructuring practice - provides the private-sector equivalent of AAFAF's debt-advisory and Title III / Title VI restructuring functions.
• Financial Oversight and Management Board for Puerto Rico (FOMB): The federal oversight board that certifies fiscal plans and works with AAFAF on debt restructuring. Functions as a parallel fiscal-coordination body with overlapping mandate in PROMESA restructuring.
• Federal Financing Bank (U.S. Treasury): U.S. federal credit agency that borrows from Treasury and on-lends to federal and federally-sponsored programs - analogous role to AAFAF in administering and channelling credit/financing for public purposes.

Others

• Municipal Securities Rulemaking Board (MSRB): Self-regulatory organization that sets rules for the U.S. municipal securities market - comparable transparency and disclosure framework for the bond/debt markets AAFAF engages with as a primary issuer/reporter.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/AAFAFPR
• Facebookfacebook.com/AAFAFPR
• LinkedInlinkedin.com/company/autoridad-de-asesor%C3%ADa-financiera-y-agencia-fiscal-de-puerto-rico
• Instagraminstagram.com/aafafpr

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Autoridad de Asesoría Financiera y Agencia Fiscal de Puerto Rico