The Treasury Department yesterday said it will raise $10.999 billion of new cash at its weekly auction of 91-day and 182-day discount bills Monday by selling $45 billion to refund $34.001 billion of maturing securities.
To be sold are $24 billion of 91s, dated April 3 and due July 3, and $21 billion of 182s, dated April 3 and due Oct. 2.
Fitch Ratings said the negative outlook on the BB-plus rating reflects Miami Jewish's thin operating profile.
The new-issue calendar will be a "good test to see if the higher absolute yields can pull buyers off the sidelines or if underwriters need to widen spreads significantly enough to reprice the entire market to clear the deals," according to Birch Creek strategists.
The state of emergency will let the governor use the central government's rainy-day fund to provide money to WAPA that semi-autonomous agencies of his government owe the authority. WAPA will use the money to make payments to bondholders and other creditors starting Tuesday.
"The upgrade is supported by strengthened debt service coverage ratios due to better than expected recovery from the pandemic," Fitch said.
S&P affirmed the state's AA issuer credit rating, citing healthy reserves and plans to increase permanent fund totals to mitigate revenue fluctuations.
The top five bond financings have an average dollar volume of more than $1.9 billion.
