Vermont

Vermont's largest city, Burlington, is prosperous but a battle over the city's telecom enterprise with lender Citibank has damaged its bond ratings.

The settlement breakdown between Burlington, Vt., and Citi over a $33.5 million lawsuit regarding a city-owned telecom is a negative for the city, said Moody's.

The Vermont Student Assistance Corporation entered into the closing agreement with the Internal Revenue Service over $165 million of education loan revenue bonds they issued in 1998.

Moody’s Investors Service revised the outlook on Baa1-rated Fletcher Allen Health Care to positive from stable, affecting $330 million of outstanding debt.

Following a downgrade from Fitch Ratings, Burlington, Vt., is planning to sell $26.4 million of airport refunding revenue bonds this week.

Standard & Poor's has revised Vermont's outlook to positive from stable based on its continued improved financial position.

Vermont's $10 million bond sale will help it receive an additional $51 million in federal funding for bridge and road projects throughout the state, said State Treasurer Beth Pearce.

Vermont plans to sell $10 million of special obligation transportation infrastructure bonds to fund bridge reconstruction and roadway reconfiguration projects.

The Vermont Municipal Bond Bank is expected to sell $44.3 million of tax-exempt bonds and federally taxable qualified school construction bonds the week of July 9.

Moody's Investors Service dropped Burlington, Vt.'s general obligation rating three notches, citing the city's strained finances caused by its support to Burlington Telecom, the city-owned cable, Internet and phone service provider

Moody's Investors Service upgraded a long-term letter-of-credit backed rating to Aa2 from A1 and confirmed the short-term VMIG 1 rating of the Vermont Student Assistance Corp.'s education loan senior revenue bonds, Series 2008C-1 and C-2.

The state of Vermont is expected to bring to market a four-series $135.6 million general obligation offering next week in two parts.

Vermont is triple-A rated, and state auditor Tom Salmon wants to keep it that way — even if a tropical storm named Irene created havoc.

The Vermont Municipal Bond Bank refinanced debt through two series that it said helped 53 municipalities and school districts save nearly $6 million in future debt service payments.

Former Vermont Gov. Jim Douglas, who also served as treasurer, called for reviving a bond program to help residents pay for the massive infrastructure damage sustained when Tropical Storm Irene belted the state in late August.

The Vermont treasurer's office recently accepted $282,056 in unclaimed property as a result of a breakthrough agreement with national insurance giant John Hancock.

The initial cleanup and stabilization of Vermont’s state office complex in Waterbury will cost $20 million to $25 million in the aftermath of Tropical Storm Irene, officials said.

Gov. Peter Shumlin and other Vermont officials outlined a plan to make short- and long-term financing available to towns damaged by Hurricane Irene.

A website devoted to open government in Vermont has additional information about state contractor expenses.

Moody’s Investors Service has affirmed the A3 rating for Burlington, Vt.’s $63.2 million of general obligation bonds, while maintaining a negative outlook.