Standard & Poor’s projects that California public power utilities will continue to maintain stability in their credit ratings, despite the challenges facing them. The rating agency released a report, “California Public Power Utilities Wrestle With Competing Energy Demands And Global Warming Strategies,” on Monday.For more than a decade, the report said, the California electric industry has experienced a series of challenges, such as its failed attempt at deregulation, extreme power market price volatility, drought, and, most recently, wildfires.As a whole, the state’s public power industry has met those challenges with good financial performance, management planning, and strong and stable customer bases, the report said.Today, the utilities must face growing load demand, reliance on natural gas, and the state’s position as a leader in addressing global warming.“Rating upgrades may be limited due to cost pressures associated with drought, natural gas supply, and demands on the utilities to address renewable energy targets and other environmental regulations unique to the state,” the report said.
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Lawmakers in Illinois have proposed legislation to consolidate the Chicago Transit Authority, Metra, Pace and the Regional Transportation Authority.
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April's "poor performance" pushed munis further into negative territory, but "despite the poor start to the year, they may still end the year positive," said Cooper Howard, a fixed-income strategist at Charles Schwab.
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The driving force behind the trend is the overall strength of the economy, according to Fitch Ratings' Michael Rinaldi. Revenue sources for municipalities, such as sales and property taxes, are doing very well.
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Syncora and GoldenTree Asset Management want an accounting of what happened to PREPA net revenues.
May 7 -
The MSRB's move to a one-minute reporting standard was questioned in a House hearing Tuesday in the context of regulation that could go too far.
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"It'll be very interesting to see when an event happens or the market get sloppy, what the secondary market does," said a sellside panelist at a Bond Buyer market outlook panel in Florida.
May 7