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As the end of summer approaches and supply continues to dwindle, weekly volume in the municipal market is expected to sink to $2.53 billion, the lowest level in almost six months. A $480 million offering from the Virginia Public Building Authority is the largest deal on the new-issue calendar this week.
August 24
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Detroit will refinance a chunk of its water and sewer debt as part of a tender offer settlement with bondholders.
August 22
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A recent Moody's downgrade of the Philadelphia School District to Ba3 was another indication of the district's growing financial problems, but a state intercept program insulates holders of the district's $3.1 billion in bonds from those troubles.
August 22
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The terms of a loan turned the outlook on Florida Gulf Coast University's debt to negative, and could result in a rating downgrade of two notches, Standard & Poor's said.
August 22
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Metropolitan Washington Airports Authority closes on a $1.3 billion federal loan to complete the final 11 miles of a light-rail line to Dulles International Airport.
August 21
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Fitch Ratings said Detroit's offer to holders of $5.2 billion of water and sewer bonds to tender their debt as part of a bankruptcy settlement does not constitute a distressed debt exchange, an analysis that could bode well for ratings the planned refinancing of the debt.
August 21
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Detroit has asked the federal judge in charge of its Chapter 9 to consider forcing bond insurer Syncora Guarantee to issue an apology for suggesting that federal mediators have tainted the bankruptcy process.
August 20 -
Everything from mileage-based fee systems to higher state fuel taxes are on the table as states seek new ways to increase transportation funding.
August 20
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Detroit Public Schools will move forward with a plan to issue $111 million of state aid notes as well as an updated deficit elimination plan that calls for 10% pay cuts and the closure of up to 24 schools.
August 20
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Bond insurer Syncora Guarantee challenged Detroit's settlement with its unlimited-tax general obligation bondholders in court Tuesday, arguing that it means Detroiters will continue to pay taxes on a levy that they did not approve on the original ballot.
August 19 -
Moody's Investors Service on Tuesday withdrew its general obligation bond rating on Tehachapi Valley Healthcare District, Calif. citing a lack of financial information for fiscal 2013, affecting $63 million in debt.
August 19
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California's new law to require issuers to disclose bank loans will likely result in lower borrowing costs, according to a report from Municipal Market Advisors.
August 19
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As Detroit gears up for a key trial on its bankruptcy exit plan next week, a long-simmering dispute over $1.4 billion of certificates of participation is just starting to heat up.
August 19
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