Standard & Poor’s lowered its rating to BBB-plus from A-minus on the outstanding general obligation refunding bonds issued by Bullock Creek School District, located in Midland County. The downgrade reflects a structural budget imbalance and four consecutive years of fiscal decline with a fifth expected next year. For four years Bullock Creek has drawn on its unreserved general fund to meet growing expenditures, said analyst Jane Hudson Ridley. “A failure to return to structural balance in the near future could place additional pressure on the rating,” she wrote in a report accompanying the downgrade. The school system plans to address the structural imbalance but has not yet drafted a balanced budget. The 80-square-mile district enjoys a steady tax base growth, above-average income levels, and moderate debt levels.
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"Folloing recent yield moves, a generic muni index is now down 1% on the month with no real sub-sector showing much deviation from that result," said Kim Olsan, senior vice president of trading at FHN Financial.
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The law firm revealed 2024 promotions.
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As the nation's fourth largest city faces a growing structural budget deficit, it is also expecting to issue more than $3 billion of debt for its airport, water and sewer system, convention center, as well as to fund a settlement with firefighters and for cash-flow purposes.
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The extension of the current solar net metering system could lower revenue for the utility.
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The finance team is "marketing slices of risk" to raise money to refinance its debt, investors said.
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John Fleming is pushing back against a proposal in the state Legislature to change the way the state Bond Commission oversees the issuance of debt by cities, counties and local governments and entities.
April 18