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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The California Supreme Court will hear a case challenging the state's 2013 pension changes, after seemingly settling the issue with a 2020 ruling.
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The "impressive" investor appetite for tax-exempts has been "holding steady all quarter despite expensive valuations, supply surges and periods of low reinvestment demand," said GW&K Investment Management strategists in a report.
April 24 -
As space becomes an increasingly important frontier for development and competition, spaceports should enjoy the same financial benefits as airports and seaports, say supporters of the federal legislation.
April 24 -
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.
April 24 -
A Utah law may be tapped to issue bonds to renovate a downtown Salt Lake City basketball arena to accommodate the former Arizona Coyotes.
April 24 -
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.
April 24