Moody's Investors Service has upgraded 10, downgraded 7, and affirmed 9 long-term ratings of letter of credit (LOC)-backed U.S. municipal obligations. Additionally, Moody's has placed one long-term rating under review for downgrade. Debt affected by these rating actions totals $1.7 billion. Moody's has taken these rating actions in connection with its on-going surveillance of the 754 letter of credit-backed transactions rated based on a joint default analysis (JDA) which have an aggregate face amount of $45.33 billion. None of the bonds' short-term ratings were affected.
-
"Municipal outperformance against taxable sectors has moved short-term ratios on or through their 252-day moving averages, while intermediate and long maturities are holding at or above average ranges," said Kim Olsan, senior fixed income portfolio manager at NewSquare Capital.
5h ago -
New Jersey's Toms River school district was downgraded two notches by S&P after refusing to adopt a budget and discussing bankruptcy.
5h ago -
The U.S. territory is struggling with debt and pension liabilities as its economy remains weak and federal aid is cut back.
6h ago -
Isaak Bond Investments has agreed to pay a $20,000 fine to settle allegations brought by the Financial Industry Regulatory Authority.
6h ago -
Moody's has downwardly revised the outlook for Baltimore's issuer rating and several classes of bonds due to a trend of declining fund balance levels in a city dependent on a major international shipping port.
7h ago -
Michigan's Great Lakes Water Authority went to market in June with roughly a billion dollars of bonds, part of a complex transaction that included a tender.
9h ago