Moody's Investors Service said it has downgraded to A1 from Aa3 the underlying rating on West Seneca Central School District, N.Y.'s $29.8 million in outstanding general obligation debt.
The district's debt is secured by an unlimited tax pledge.
The downgrade to A1 reflects the district's narrowed financial position and expectation of continued drawdowns through fiscal 2014.
The rating also incorporates the district's moderately sized stable tax base and affordable debt position.
The replacement Hollywood Burbank Airport terminal won't have more gates, but will be less cramped and resolve its noncompliance with FAA safety regulations.
"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.
The law firm revealed 2024 promotions.
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.
The extension of the current solar net metering system could lower revenue for the utility.
The finance team is "marketing slices of risk" to raise money to refinance its debt, investors said.
