Moody's Investors Service has upgraded 10, downgraded 7, and affirmed 9 long-term ratings of letter of credit (LOC)-backed U.S. municipal obligations. Additionally, Moody's has placed one long-term rating under review for downgrade. Debt affected by these rating actions totals $1.7 billion. Moody's has taken these rating actions in connection with its on-going surveillance of the 754 letter of credit-backed transactions rated based on a joint default analysis (JDA) which have an aggregate face amount of $45.33 billion. None of the bonds' short-term ratings were affected.
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Polk County, Iowa is issuing $113 million of general obligation capital loan notes, Series 2024A, for the Des Moines Airport Authority's new terminal project.
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Munis posted losses in April, returning negative 1.24%. The asset class is also seeing losses of 1.62% year-to-date.
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Alaska's efforts to manage its cyclical revenues brought an upgrade from S&P Global Ratings and positive outlook from Moody's Ratings.
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Sen. Joe Manchin, D-W.Va., has already pledged to try to overturn the rule in Congress.
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April's volume stood at $40.456 billion in 653 issues, up 21.2% from $33.377 billion in 666 issues in 2023.
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The deal, originally planned at $1.5 billion in three maturities, was downsized and restructured and then restructured again into one 10-year bullet maturity.
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