Standard & Poor’s Monday lowered its rating for Valley Health System hospital revenue bonds to C from B-minus following the public hospital district’s Chapter 9 bankruptcy filing last week. The outlook is negative. The Hemet-based district filed for bankruptcy after voters rejected plans to sell its three hospitals to a private operator. Standard & Poor’s noted that the system has suffered through several years of operating losses that accelerated in the last two years.Fitch Ratings downgraded Valley Health to CCC in late September and placed it on negative watch.
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"That's great news, and it reflects the outstanding work and commitment of our city council and my administration to keep Tampa on rock-solid financial footing," said Tampa Mayor Jane Castor.
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"Should September's positive returns hold as we expect, it would mark the fourth consecutive month of positive total returns — the first such period since the five-month period spanning from March through July 2021," BofA strategists Yingchen Li and Ian Rogow said.
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This week, Federal Reserve Gov. Michelle Bowman cast the first dissenting vote at an FOMC meeting in years. On Friday, she explained why the economic data she's seen didn't convince her of the need to cut rates as much as her fellow governors thought.
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Two former Congressional staffers offered insight into how the debate may play out, but said the industry needs to be vocal and educate lawmakers how bonds help their district.
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Warnings, finger pointing, and political infighting have consumed talks around a continuing resolution, but the details of the upcoming funding package are expected to be ironed out over the weekend for a likely vote early next week.
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Carbon capture and broadband funding stalemated by questions over regulations
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