Iowa

The Iowa Fertilizer Co. expects to offer next week nearly $1.2 billion of tax-exempt, junk-rated Midwestern Disaster Area Bonds to finance a new nitrogen fertilizer plant in southeast Iowa.

Iowa Treasurer Michael Fitzgerald called Gov. Terry Branstad's alterative to the federal government's Medicaid expansion a bad deal for the state.

Xenia Rural Water District in Iowa has finalized a long sought restructuring plan with its bond insurer and the USDA Rural Development on $125 million of debt.

Wisconsin-based WPPI Energy will sell $180 million of new-money and refunding power supply system bonds to fund projects including environmental upgrades and transmission improvements.

Iowa Gov. Terry Branstad last week defended state financial incentives and bonding assistance that helped lure an Egyptian-owned fertilizer project in response to questions being raised over contract fraud charges leveled against the company by the federal government.

Refunding opportunities fueled a 36.3% surge in bond issuance among Midwestern borrowers last year as the steadfastly conservative region shied away from adding new debt in favor of shoring up balance sheets.

Standard & Poor's has lowered its rating on Davenport, Iowa' general obligation debt by three notches to A from AA over the city's liquidity woes as it prepares to enter the casino business.

Moody's Investors Service placed tobacco settlement revenue bonds of issuers in 17 states and two territories under review with direction uncertain because of legal settlement announced in December. The action affects $20.5 billion of debt.

Iowa Gov. Terry Branstad unveiled a proposed $6.5 billion fiscal 2014 budget that offers property tax relief he said the state can afford with an $800 million surplus after several years of belt-tightening.

Moody's has downgraded Fairfield by two notches to Baa1 from A2 and warned of further negative action as the city struggles with budget deficits.

Rushing to beat an end-of- year- deadline, the Iowa Fertilizer Co. will sell $1.2 billion of Midwestern Disaster Area Bonds with a mandatory tender in April that gives the company some breathing room to finalize its nitrogen fertilizer plant.

The Iowa Finance Authority last week approved an up to $1.2 billion allocation of Midwestern Disaster Area Bonds for a new fertilizer plant.

Assured Guaranty Corp. is asking an Iowa court to name a receiver to oversee the Xenia Rural Water District which has struggled to repay $81 million of outstanding revenue bonds insured by the company.

Voters in Polk County, Iowa authorized $50 million of borrowing to finance environmental improvements.

Plans for the Iowa Fertilizer Co. to tap up to $1.2 billion of Midwestern Disaster Area Bond financing through the Iowa Finance Authority for its proposed nitrogen fertilizer plant are advancing.

Coralville's fiscal struggles drove Moody's Investors Service to sharply downgrade the Iowa city's water and sewer revenue bond ratings.

Moody's Investors Service has revised its outlook to negative on Des Moines' Aa2 sewer enterprise bond rating.

Voters in Iowa's Johnston School District last week voted down a $51 million bond authorization that would have helped finance a new high school.

The State Iowa Board of Regents will take competitive bids Wednesday on $190 million of bonds that will more than double its healthcare system's debt load as it raises financing for a new children's hospital.

Iowa has formally landed Egyptian-based Orascom Construction Industries' proposed $1.4 billion nitrogen fertilizer plant which has filed an initial application to tap up to $1.2 billion of Midwestern Disaster Bond financing.