WASHINGTON — New home sales fell 1.0% to a 312,000 annual rate in June on a seasonally adjusted basis, the Commerce Department reported Tuesday.
Sales were up 1.6% from June 2010.
Sales in May were revised down to 315,000 from the 319,000 originally reported. Economists had expected a 320,000 annual sales rate.
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.
