Howard County plans to issue $116.6 million of triple-A rated general obligation refunding bonds Wednesday in a negotiated transaction. Public Financial Management Inc. is the financial adviser on the deal and Bear, Stearns & Co. will lead a syndicate of underwriters. Fitch Ratings, Moody’s Investors Service, and Standard & Poor’s all assigned triple-A ratings and stable outlooks.Fitch also affirmed the AAA rating and stable outlook on the county’s $653 million of outstanding GOs.“The AAA rating reflects Howard County’s deep and diverse economy, strong financial management, affluent residents, and a moderate and rapidly retired debt burden,” Fitch said in a report last week. “The county’s financial position is strong, with ample liquidity, sound general fund reserves above the charter-mandated level, and excellent financial planning. Current and projected tax-supported debt levels are affordable.”The county’s credit rating also benefits from its location between Washington, D.C., and Baltimore, analysts said.“Residents benefit from significant employment opportunities within the county as well as throughout the Washington-Baltimore region,” Standard & Poor’s said in its report. “The deep and diverse local and regional economies contribute to high wealth levels and low unemployment.”
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The governor should have involved the legislature earlier in decision making on how to give the Water and Power Authority money to make a bond payment, lawmakers said.
42m ago -
A Utah law may be tapped to issue bonds to renovate a downtown Salt Lake City basketball arena to accommodate the former Arizona Coyotes.
47m ago -
Along with UBS' departure from the negotiated underwriting space, various firms have hired talent from both firms to increase their primary and secondary market presence. Many hope for some positive effects in both competition and secondary market liquidity as a result.
2h ago -
The bond plan, a key priority for Mayor Brandon Johnson, will be paid for with revenue gained by letting tax increment financing districts expire.
4h ago -
Moody's Ratings on Monday revised Illinois' outlook to positive from stable and affirmed the state's A3 issuer rating and the A3 rating on its GO debt.
April 23 -
"Bifurcated demand reflects the persistent bid strength from [separately managed accounts] and retail investors, not to mention more accounts marshaling cash and liquidity up front while the Fed perspective evolves," said MMA's Matt Fabian.
April 23