NEW YORK - Moody's Investors Service said it has downgraded to A1 from Aa3 the rating on the township of Aberdeen, N.J.'s general obligation unlimited tax bonds affecting $14.9 million of outstanding debt.
The downgrade to A1 reflects the borough's weakened financial position following fund balance draws in each of the last seven years.
The A1 rating also incorporates the borough's moderately sized tax base, above average wealth and income levels, and average debt burden.
Inflows returned to muni mutual funds as investors added $200.3 million for the week ending Wednesday after $1.474 billion of outflows, according to LSEG Lipper.
Democratic Gov. Laura Kelly nixed another tax cut bill passed by the Republican-led legislature this year, while pushing a less-costly plan.
It's a big week for the Fortress-backed train company, which refinanced more than $4 billion of debt and broke ground on its West Coast high-speed line.
Photos from The Bond Buyer's Texas Public Finance conference.
The Mayo Clinic is undertaking a $5 billion expansion that may bring new debt as it reconstructs its core Rochester, Minnesota campus.
"Just like the ATM became an additional transaction channel in the banking industry, I believe distributed ledger technology will provide municipal issuers with a similarly valued tool to sell their bonds," said Rick Coscia, Quincy's Strategic Asset Manager.
