Bloomington plans to issue $13 million of revenue bonds to finance the acquisition of 12 acres of downtown property from Indiana University. The city hopes to then sell the land to a developer for residential and retail projects.
The city would pay $9.3 million for the land and $2.8 million for infrastructure improvements, local reports said. Officials would repay the bonds using money from an existing tax-increment financing district and the resale of the land.
Fitch Ratings said the negative outlook on the BB-plus rating reflects Miami Jewish's thin operating profile.
The new-issue calendar will be a "good test to see if the higher absolute yields can pull buyers off the sidelines or if underwriters need to widen spreads significantly enough to reprice the entire market to clear the deals," according to Birch Creek strategists.
The state of emergency will let the governor use the central government's rainy-day fund to provide money to WAPA that semi-autonomous agencies of his government owe the authority. WAPA will use the money to make payments to bondholders and other creditors starting Tuesday.
"The upgrade is supported by strengthened debt service coverage ratios due to better than expected recovery from the pandemic," Fitch said.
S&P affirmed the state's AA issuer credit rating, citing healthy reserves and plans to increase permanent fund totals to mitigate revenue fluctuations.
The top five bond financings have an average dollar volume of more than $1.9 billion.
