Standard & Poor’s lowered its rating to BBB-plus from A-minus on the outstanding general obligation refunding bonds issued by Bullock Creek School District, located in Midland County. The downgrade reflects a structural budget imbalance and four consecutive years of fiscal decline with a fifth expected next year. For four years Bullock Creek has drawn on its unreserved general fund to meet growing expenditures, said analyst Jane Hudson Ridley. “A failure to return to structural balance in the near future could place additional pressure on the rating,” she wrote in a report accompanying the downgrade. The school system plans to address the structural imbalance but has not yet drafted a balanced budget. The 80-square-mile district enjoys a steady tax base growth, above-average income levels, and moderate debt levels.
-
The bonds refunded of two earlier series of student fee bonds: the taxable Series Z-2 Build America Bonds, and the tax-exempt Series BB-1 bonds.
10h ago -
LSEG Lipper reported fund inflows of $447 million while high-yield muni bond funds saw another round of inflows at $246 million, marking the 12th consecutive week of positive flows in that space.
10h ago -
Hawaii Gov. Josh Green outlined the state's plan to permanently house everyone displaced by the fire — and how he plans to pay for it during a media briefing.
11h ago -
D.C. promises $515 million in improvements to its existing downtown arena.
11h ago -
A bond-financed purchase of the Stanley Hotel in Estes Park, Colorado, which served as an inspiration for Stephen King's The Shining, is being pursued by the Colorado Educational and Cultural Facilities Authority.
March 28 -
In a recently released survey by the Citizens Budget Commission, New Yorkers said they are feeling much less safe, with only 37% rating public safety in their neighborhood as excellent or good, down from 50% in 2017.
March 28