Moody’s Investors Service downgraded Manitowoc two notches to A1 from Aa2 and assigned a negative outlook due to its structural budget imbalance.
The rating action affects $72.4 million of debt and comes ahead of a $12 million general obligation refunding.
“The negative outlook reflects the city’s ongoing structural imbalances that have led to deterioration in financial flexibility and have limited the city’s ability to absorb negative budget variances,” Moody’s wrote.
Two rating agencies upgraded Los Angeles Unified School District's bond ahead of multi-billion dollar refunding.
The Basel III Endgame proposal to restructure capital holding levels comes under fire.
Friday price talk for the unrated tax-exempt paper was between 11% and 15%.
The board approved that step at its second quarter board meeting held this week.
The Inflation Reduction Act, affordable housing and clean energy were among the topics discussed at Baker Tilly's DevelUP conference in Chicago this week.
The replacement Hollywood Burbank Airport terminal won't have more gates, but will be less cramped and resolve its noncompliance with FAA safety regulations.
