Moody’s Investors Service said it downgraded its rating to Aa3 from Aa2 on the Joint Building Authority of Lansing, Mich., and Ingham County’s Series 2005 refunding bonds. The action affects $6.4 million of outstanding debt.
Debt service payments are secured by rental payments from the city and county to the authority.
The bonds are backed by Lansing’s limited-tax general obligation pledge, rated A1, and Ingham County’s limited-tax GO pledge, rated Aa2.
A combination of a "stronger-than-expected economy, higher Treasury rates, robust supply, and rich valuations resulting in choppy markets" have made the trading environment in H124 "quite difficult," according to Barclays.
Two rating agencies upgraded Los Angeles Unified School District's bond ahead of multi-billion dollar refunding.
The Basel III Endgame proposal to restructure capital holding levels comes under fire.
Friday price talk for the unrated tax-exempt paper was between 11% and 15%.
The board approved that step at its second quarter board meeting held this week.
The Inflation Reduction Act, affordable housing and clean energy were among the topics discussed at Baker Tilly's DevelUP conference in Chicago this week.
