Missouri

CHICAGO — St. Louis-based SSM Health Care System took retail orders yesterday on $280 million of fixed-rate bonds that will be open to institutional investors today. The deal will be followed early next month with $300 million of floating-rate debt.

CHICAGO — The financial outlooks for the St. Louis Metro and Menasha, Wis., brightened this week after voters approved a sales tax increase for the struggling transit agency and a sale-leaseback transaction for the city that will help it settle $23 million of defaulted debt.

CHICAGO — St. Louis County will competitively sell $123 million of special obligation tax-exempt bonds and taxable Build America Bonds on Tuesday to fund a new county-wide emergency communications system.

CHICAGO — Missouri Gov. Jay ­Nixon last week announced $126 million of cuts to help fill a new hole in the state’s fiscal 2010 budget. He also proposed a partial government overhaul that would consolidate some departments, sell off state assets, and privatize services to save money in future years.

CHICAGO — Kansas City, Mo., will enter the market on Tuesday with a $43 million new-money and refunding general obligation deal that includes $10 million of recovery zone economic development bonds, and which will be the city’s first negotiated sale to use only certified minority, women, and disadvantaged underwriting firms.

Congressional foot-dragging on federal transportation policy reverberated again at the state level this week, as the Missouri Department of Transportation decided not to put projects out for bids, making March the second consecutive month the state canceled bids due to federal funding uncertainty.

CHICAGO — St. Louis-based Ascension Health on Wednesday launches the first piece of its $1.34 billion new-money and restructuring deal that will raise funds for projects across its network, while also allowing the system to further reduce risk exposure and lower its maximum annual debt service.

Fitch Ratings on Monday affirmed the Southeast Missouri Hospital ­Association’s BBB-plus rating while revising its outlook to positive due to the hospital’s improved liquidity position.

Fitch Ratings affirmed the Nelson Gallery Foundation’s AA rating but revised its outlook to stable from positive ahead of a $35 million refunding.

CHICAGO — The Missouri Highways and Transportation Commission enters the market this week with $185 million of Garvee bonds to complete the financing of its Safe and Sound bridge program and to fund its share of a new span across the Mississippi River.

CHICAGO — The potential sale of the smaller of two hotels that make up the bondholder-owned St. Louis convention center complex is advancing with the field of possible buyers now narrowed down to two.

CHICAGO — The Missouri Environmental Improvement and Energy Resources Authority will enter the market this week with $220 million of advance-refunding state revolving fund bonds as federal stimulus funds have at least temporarily put off the need for new-money borrowing.

CHICAGO — Missouri Gov. Jay Nixon this week unveiled a $23.9 billion all-funds fiscal 2011 budget that banks on an economic rebound, federal funds, and cutting spending and jobs to keep the state in the black.

CHICAGO — The Metropolitan Sewer District of St. Louis will sell $85 million of revenue bonds today, tapping the Build America Bond program to raise funds for its long-term $6 billion capital improvement program.

The St. Louis County Council earlier this week approved putting a half-cent sales tax increase for the Metro transit agency on the April ballot.

Missouri's top credit benefits from its economic diversity, good financial management, strong reserves, and a low debt burden, according to a new report from Standard & Poor's.

Moody's Investors Service downgraded Jackson County's implied general obligation rating one notch to Aa3 and warned of further action by assigning a negative outlook due to the county's fiscal challenges.

A handful of Midwestern state housing authorities, most of them shut out of the credit market this year, are acting to take advantage of the U.S. government's temporary new-issue bond program to jump-start their ability to provide new mortgages.

Fitch Ratings recently downgraded the Howard Bend Levee District's 2005 debt to BBB from A-minus.

The trustee on $98 million of St. Louis convention center hotel bonds will hold a bondholder call today to provide an update on the city’s advancement last week of legislation that could boost the hotel’s financial viability and provide some relief from an upcoming tax-related payment owed to the city.