Moody's has downgraded to Caa3 various general fund-supported debt of the city of Stockton, California. We have downgraded the city's pension obligation debt to Caa3 from B3 and its lease revenue debt to Caa3 from Caa1. The outlook on these bonds is negative.
We have confirmed the rating on the city's water enterprise debt at Ba3, the city's sewer enterprise debt at Ba1 and two of the city's community facilities districts' special tax bonds at Baa2. The outlook on these bonds is developing.
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.
"Each party in this deal benefits in some way," said Seema Mohanty, founder of Mohanty Gargiulo.
The California Supreme Court will hear a case challenging the state's 2013 pension changes, after seemingly settling the issue with a 2020 ruling.
The "impressive" investor appetite for tax-exempts has been "holding steady all quarter despite expensive valuations, supply surges and periods of low reinvestment demand," said GW&K Investment Management strategists in a report.
As space becomes an increasingly important frontier for development and competition, spaceports should enjoy the same financial benefits as airports and seaports, say supporters of the federal legislation.
