New York, May 14, 2012 -- Moody's Investors Service has downgraded the City of Wenatchee, Washington's unlimited tax general obligation rating to Ba2 from A3 and its limited tax rating to B2 from Baa2. $2.9 million of unlimited tax and $6.4 million of limited tax debt is affected. At this time, Moody's also places the city's ratings under review for possible further downgrade.
Brodie Killian has moved to PFM from Stifel Nicholas & Co., joining its Ann Arbor office as a director.
April continues to be "harsh" for munis as the asset class has given up roughly 72 basis points in the first two weeks of the month, said Jason Wong, vice president of municipals at AmeriVet Securities.
The city may have to make deeper cuts next year if voters don't approve two tax increases headed for the November ballot, if the City Council approves.
The most recent open solicitation period, last October, yielded three proposals.
Treasury representatives said Friday that they will be issuing further guidance to help counties deal with the upcoming reporting and compliance deadlines.
"We were originally thinking that we would offer five-, seven- and 10-year maturities, with $500 million in each tranche. But we decided today to just offer 5s and 10s — $500 million of five-year bonds and $1 billion of 10-year bonds," said Ben Watkins, Director of Florida's Bond Division.
