Moody’s Investors Service upgraded Alexandria to A2 from A3 in conjunction with its sale this week of $4.4 million of general obligation improvement and utility revenue bonds. The upgrade affects a total of $21.5 million of debt, including the current issue. Proceeds of the sale will finance the extension of a water line to newly annexed areas of the city and various storm water improvement projects. Alexandria’s GO pledge backs the bonds, but a portion of the debt service will be covered by storm water utility revenues. Analysts said the upgrade was due to the city’s continued strong tax base growth, satisfactory financial operations supported by adequate reserves, and an average debt burden with limited future borrowing planned. The city of nearly 11,000 residents is a regional economic center providing employment in both manufacturing and health care. It is located on Interstate 94, 50 miles northwest of St. Cloud.
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Inflows returned to muni mutual funds as investors added $200.3 million for the week ending Wednesday after $1.474 billion of outflows, according to LSEG Lipper.
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Democratic Gov. Laura Kelly nixed another tax cut bill passed by the Republican-led legislature this year, while pushing a less-costly plan.
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It's a big week for the Fortress-backed train company, which refinanced more than $4 billion of debt and broke ground on its West Coast high-speed line.
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Photos from The Bond Buyer's Texas Public Finance conference.
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The Mayo Clinic is undertaking a $5 billion expansion that may bring new debt as it reconstructs its core Rochester, Minnesota campus.
April 25 -
"Just like the ATM became an additional transaction channel in the banking industry, I believe distributed ledger technology will provide municipal issuers with a similarly valued tool to sell their bonds," said Rick Coscia, Quincy's Strategic Asset Manager.
April 25