Bonds

Citing Kansas’ “very strong” combined general fund and budget stabilization fund balance, S&P Global Ratings on Tuesday revised the outlook on the state’s ratings to positive from stable. The outlook change covers the state’s AA-minus issuer rating, A-plus appropriation-backed debt rating, and AA Kansas Department of Transportation highway revenue bond rating.  “The positive outlook reflects
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February municipal bond issuance dropped 42% year-over-year, led by a steep decline in taxables and refundings, as issuers dealt with continued market uncertainty, still too-high inflation and states and local governments’ ability to wait due to flush coffers. Total volume for the month was $18.303 billion in 391 issues versus $31.602 billion in 877 issues
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The Biden administration this week released revamped guidance on how state departments of transportation spend federal transportation infrastructure funds in the wake of a controversial memo that opponents said tried to limit state flexibility. The revised document from new Federal Highway Administration chief Shailen Bhatt, released Friday, emphasizes the authority that state departments of transportation
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While the toxic East Palestine, Ohio, train derailment doesn’t threaten bondholders, the wreck raises the specter of so-called “black swan” events and has the potential to influence credit analysis, ESG analysis and investing, risk disclosure, and how federal infrastructure funds are spent. Local, state and federal authorities remain on the scene overseeing frequent water and
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Fritz Stradling, who co-founded Stradling Yocca Carlson & Rauth’s public finance practice, died peacefully in his sleep on Feb. 17. He was 96. He and his fellow co-founders of Stradling’s public finance practice, John Murphy and Tom Clark, are credited with helping to give California bond law firms stature in the public finance world. “Before
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MassachusettsGov. Maura Healey unveileda tax relief proposal Monday, a key feature of her administration’s fiscal year 2024 budget due to be presented to lawmakers on Wednesday. “This proposal centers affordability, competitiveness, and equity each step of the way, delivering relief to those who need it most and making reforms that will attract and retain more
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Puerto Rico Electric Power Authority bankruptcy Judge Laura Taylor Swain will hear arguments on whether the proposed plan of adjustment is unconfirmable on unequal treatment grounds. Parties should be ready to discuss, as argued by PREPA bank trustee U.S. Bank National, whether the board’s plan is “patently unconfirmable” because the bond’s trust agreement precludes “individualized
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The Chicago Civic Federation named Sarah Wetmore to serve as acting president during a search for a permanent leader for the research organization after the unexpected Feb. 4 death of Laurence Msall. Wetmore, the federation’s vice president and research director, worked closely with Msall. Wetmore will assume Msall’s former duties including serving as the spokesperson
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The Internal Revenue Service is questioning the status of South Carolina-based Hampton County School District’s 2010 direct payment qualified school construction bonds. That’s according to the district’s recent disclosure on EMMA, which notes the district received a Proposed Adverse Determination letter on Feb.17 and will be challenging the notice. “The Consolidated School District disagrees with
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The Internal Revenue Service has finalized its regulations on electronic filing of Form 8038-CP, its return for credit payments for issuers of qualified bonds and will be requiring electronic filing for all returns filed after Dec. 31, 2023. This is part of a larger effort by the IRS to modernize its filing system after experiencing
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Municipals were mixed to end the week as U.S. Treasury yields rose double-digits five years and in and equities ended down. The three-year muni-UST ratio was at 61%, the five-year at 62%, the 10-year at 66% and the 30-year at 91%, according to Refinitiv MMD’s 3 p.m. ET read. ICE Data Services had the three
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Flanked by officials from the Port Authority of New York and New Jersey, New York Gov. Kathy Hochul on Thursday hosted a groundbreaking for a terminal project she said will cap John F. Kennedy International Airport’s $18 billion redevelopment. “The groundbreaking offers a complete vision for the modernized global gateway,” Hochul said at a ceremony held
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The U.S. Treasury resumed operations of its Office of Recovery Programs Contact Center on Feb. 21, providing local governments with an important link to the federal agency as they seek to complY with the conditions governing the federal money. The help desk fielded about 300 calls and about 2,000 emails a week before shuttering last October
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Greenberg Traurig gained five public finance lawyers who joined the law firm’s Houston office this month from Orrick.  Adrian Patterson, who served as Houston office leader at Orrick, joined Greenberg as a shareholder, along with Robert Collie and James Hernandez as of counsels, and Noe Hinojosa III and Donna McIntosh as associates, the law firm
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