Minneapolis received a bump from Moody’s Investors Service, which revised its outlook on the city to positive from stable and affirmed its Aa1 issuer and general obligation unlimited tax bond ratings. The Nov. 29 action affects about $875 million of GO debt, Moody’s said. “The positive outlook is based on improving credit metrics including growing
Bonds
Moody’s Investors Service Friday lifted Ohio’s issuer default and general obligation ratings to triple-A based on strong financial management and an economy that’s “poised for diversification and growth.” The state now boasts the coveted top issuer rating from Moody’s and Fitch Ratings, which upgraded it in September, 2022. S&P Global Ratings pegs the state one
Municipals were firmer Friday ahead of a large new-issue calendar, which boasts billion-dollar-plus deals from Pennsylvania and the New York City Transitional Finance Authority along with a sizable taxable Hawaii general obligation bond deal. U.S. Treasuries were rallying and equities were up near the close. Triple-A yields fell up to six basis points, depending on
The highly publicized Florida Gov. Ron DeSantis v. California Gov. Gavin Newsom debate frequently devolved into a shoutfest. Fox News moderator Sean Hannity mostly stuck to his promise to moderate and not join the debate after introducing himself as a well-known conservative. Democrat Newsom, who recently outed himself as a friend of Hannity’s, said he
Puerto Rico Electric Power Authority bondholder GoldenTree Asset Management and bond insurer Syncora Guarantee gave notice they will appeal several PREPA bankruptcy decisions. The appeal, announced Thursday, covers all “interlocutory orders merging into the final judgment,” issued by U.S. District Judge Laura Taylor Swain Tuesday for an adversary proceeding that the Oversight Board filed in
A $2.6 billion terminal renovation at Houston’s George Bush Intercontinental Airport was officially launched Thursday, while a feud over bond financing for the project continues between the city’s mayor and controller. Mayor Sylvester Turner joined United Airlines officials at the airport to highlight the Terminal B project, which includes the expansion of 40 gates to
Water systems will need to turn to municipal bonds, federal loans, state revolving funds and federal legislative help to meet a new Environmental Protection proposal requiring water systems to replace all lead pipes within the decade. “It’s a big task,” said Dan Hartnett, chief advocacy officer at the Association of Metropolitan Water Agencies. “We’ll be
From research into AI to collaborative events encouraging the development of automation, Federal Housing Finance Agency Associate Director Anne Marie Pippin has been involved in several projects that given her broad insight into what the next wave of technology development in the industry may look like. In this discussion at NMN’s Digital Mortgage Conference, she
The Municipal Securities Rulemaking Board has filed its 2024 fees for dealers and municipal advisors with the Securities and Exchange Commission, with underwriting and municipal advisor fees rising and transaction and trade count fees coming down. The board’s underwriting fee went up 25% to $0.0371 from $0.0297 for every $1,000 par underwritten and the municipal
After a post-pandemic boom, Atlantic City’s casino profits fell in the third quarter this year, New Jersey’s gambling regulator said. Revelers hitting slots and tables game in-person as well as online via two authorized internet-based gambling services brought the New Jersey seashore city’s nine casinos a total net revenue of $971.8 million in the 3rd
The Traffic Mobility Review Board has issued a plan that details a toll structure for New York City’s Central Business District, including a $15 fee for cars coming into Manhattan during certain hours. The TMRB’s congestion pricing proposal will be reviewed by the board of the Triborough Bridge and Tunnel Authority on Dec. 6, and
Municipals were firmer to close out the month, outperforming U.S. Treasury market losses Thursday, while the California Community Choice Financing Authority jumped into the primary with $1 billion-plus of clean energy revenue bonds, joining other issuers that moved up deals to take advantage of the strong market conditions. Municipals are poised to return well over
Concerns about the financial health of the nation’s public pension funds are moving many of them to invest increasingly in alternative assets that include risky real estate ventures, private debt, hedge funds and private equity. “We have a target of approximately 30% of the portfolio to alternative asset classes,” said Shoaib Khan, director, chief investment
The judge in the Puerto Rico Electric Power Authority bankruptcy rejected five bondholder arguments Tuesday, bringing approval of the Oversight Board’s plan of adjustment closer. U.S. District Judge Laura Taylor Swain granted the Oversight Board’s motion to dismiss the bond parties’ — bond trustee U.S. Bank N.A., Assured Guaranty, Syncora Guarantee and the now defunct
November issuance was up year-over-year for the third consecutive month as a muni market rally led to an acceleration and upsizing of deals. November’s total volume rose 7.8% to $28.464 billion in 652 issues from $26.415 billion in 678 issues a year earlier. However, issuance for the month is lower than the $31.949 billion 10-year
Less than two years after its inception in April 2022, the national Equity in Infrastructure Project reached 56 signers during a conference held in downtown Los Angeles last week. The project asks for pledges to double the number of contracting opportunities for historically underserved businesses on infrastructure projects that use federal funds. Pubic agencies and
The suggested treatment of municipal securities as posted collateral in the Basel III endgame proposal has garnered mixed reactions from experts and market participants. While some argue that it could enhance liquidity and stability in the market, others express concerns about the potential risks and challenges associated with valuing and monitoring these securities. It is
Municipals rallied hard in secondary trading as issuers benefited in the primary market, which saw another active day, including an upsized $2 billion pricing from New York Transportation Development Corp. and a competitive loan from high-grade Alexandria, Virginia, which saw yields come well through triple-A curves. U.S. Treasuries were firmer and equities ended mixed. Triple-A
It took about two minutes into a House transportation subcommittee hearing Wednesday before the California high-speed rail project was singled out for criticism. Rep. Troy Nehls, R-Texas, chair of the Railroads, Pipelines and Hazardous Materials Subcommittee, opened the hearing on intercity rail by emphasizing the importance of balancing federal policies and spending with realistic consumer
Fitch Ratings revised the outlook on Austin Independent School District’s AA-plus rating to stable from negative after determining it can withstand budgetary pressures. The rating agency said the move reflects an assessment “that Austin ISD can maintain a strong operating performance profile as it manages the budgetary pressures resulting from modest but ongoing enrollment and
As the Federal Reserve Board holds the line on higher interest rates, seasoned muni issuers and advisors are taking advantage while playing within the rules. “Higher interest rates allow construction funds to be invested at rates that exceed bond yields,” said Barry Fick, executive director of the Minnesota Higher Education Facilities Authority. “This has resulted