Standard & Poor’s raised its underlying rating to A-plus from A on the Virginia Port Authority’s facilities revenue bonds, reflecting continued growth in container volumes and strong debt service coverage, despite competition from the new A.P. Moeller-Maersk container terminal. The outlook is stable.
At the same time, Standard & Poor’s assigned its short-term SP1-plus rating to the VPA’s $65 million of Series 2008 subordinate revenue bond anticipation notes.
Despite higher yields, muni to UST ratios remain rich. Ratios look "progressively richer" moving into the five- to 10-year part on the curve, with the 10-year spot "still far more attractive in taxables versus tax-exempts," J.P. Morgan said.
The growing federal debt level may pressure lawmakers to retract or reduce the tax-exemption for munis to generate revenue, some market participants argue.
It's a time of change, challenge and opportunity in the infrastructure and P3 space, Patrick Harder said.
The meeting was attended by trade organizations, MSRB board leadership, Finance Committee members and MSRB senior staff.
The Federal Emergency Management Agency is asking for an additional $9 billion for this year in hopes they don't run out of funds in August as they're currently slated to.
The SEC won its case against Richard Ganci and Richard Tortora of Capital Markets Advisors over conflicts of interest present in their fee arrangement in connection to a $119 million offering for the City of Rochester, New York.
