Moody’s Investors Service last week upgraded the University of Alabama in Huntsville’s general fee revenue bonds to A1 from A2 and also upgraded its student housing debt to A2 from A3. The higher rating, and a stable outlook, affects $56 million of outstanding rated debt. “The rating action reflects the university’s healthy growth of financial resources, strong research profile, and manageable additional borrowing plans,” said a report by Moody’s analyst Kimberly Tuby. The stable outlook on UAH’s general fee revenue bonds reflects Moody’s expectations that enrollment will continue to grow and that future borrowing plans will be accompanied by continued growth of financial resources and revenue to service the debt, Tuby’s report said. On the housing system debt, the stable outlook incorporates Moody’s expectation that the university will provide support to the housing system to balance operations.
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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.
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"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