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Moody's: LIRR Deal Could Divert Funds from MTA Capital Needs
A generous settlement with Long Island Rail Road unions could divert critical pay-as-you-go funds from critical MTA capital needs, Moody's said.
Image: Bloomberg News
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Puerto Rico's fiscal year 2014 deficit came in 4.5% lower than budgeted at the start of the year.  more »
The Puerto Rico Electric Power Authority's recent draw on its debt reserve account is a danger sign for its bond-holders, analysts say.  more »
Many observers doubt whether New Jersey will have a financially sustainable solution to its pension funding problem any time soon.  more »
The Puerto Rico Electric Power Authority said Thursday that its trustee had made an unscheduled withdrawal of $41.6 million from the debt service reserve.  more »
Rhode Island Gov. Lincoln Chafee nominated policy director Steve Hartford for director of administration to replace Richard Licht, who will become a judge.  more »
Fitch Ratings drew objections from Puerto Rico's government and mixed opinions from analysts for downgrading a wide array of the island's bonds.  more »
Puerto Rico Resident Commissioner Pedro Pierluisi is exploring whether Congress might be willing to amend the federal bankruptcy code to allow government-owned corporations in Puerto Rico to file for bankruptcy.  more »
Triple-A rated Maryland later this month will sell about $900 million of general obligation bonds, including up to $100 million of them during its first retail order period since August 2012. The retail period will be held on July 18 and 21.  more »
Gov. Tom Corbett deleted $72.5 million from lawmakers’ spending plan in a line-item veto while signing Pennsylvania's $29.1 billion budget and repeating his call for pension overhaul.  more »
Financial guarantors that insure $15 billion of Puerto Rico bonds have taken a drubbing in the stock market as the island's debt restructuring law triggered a series of credit downgrades.  more »
Standard & Poor's senior Puerto Rico analyst said S&P's rating of Puerto Rico's sales tax back bonds may drop more notches in the near future than those of the general obligation bonds.  more »
The chairman of New York's Metropolitan Transportation Authority got the message he expected in Washington: Congress will not step in should LIRR workers strike.  more »
New York MTA Chairman Thomas Prendergast plans to visit congressional leaders in Washington after talks with Long Island Rail Road unions settled nothing.  more »

As many state and local governments across the country begin their July 1 fiscal year, a new federal law going into effect is of particular interest to municipal governments that issue bonds.

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