Nearly $300 million of municipal debt sold 12 years ago to expand Central New York's Destiny USA shopping mall were dropped to junk-leavel Ba2 by Moody's Investors Service.
The PRIDCO deal would be the fifth restructuring proposed or consummated under the Puerto Rico Oversight, Management, and Economic Stability Act of 2016.
The agreement “would increase prices by up to 21%” and it’s “highly unlikely PREPA will be able to completely offset the legacy debt charges,” resulting in “considerably higher electricity rates for decades to come,” said the letter signed by four senators and 32 House members.
The supply-demand imbalance, a long-term volume horoscope and valuing climate change were among the topics debated at The Bond Buyer's Midwest Conference.
Municipal issuers are benefiting from lower interest rates and investor demand that seem at least partly driven by the nearly constant talk of tariffs and trade wars.
Patrick Luby, senior municipal strategist with Credit Sights, stresses how investors are reallocating funds to the municipal market. The strong level of support is driving coupon experimentation by issuers. He forecasts about $310 billion of issuance this year with a large part being directed by sentiment. John Hallacy hosts.
The Florida House of Representatives wants to intervene in the Miami-Dade County Expressway Authority lawsuit, saying its authority to pass bills is threatened.
The court put off a formal ruling for 10 days but made clear it expects to lift the confidentiality seal on bank transcripts with only limited redactions.
The limit on the SALT deduction caused an estimated 10.88 million individual taxpayers to lose $323.1 billion in tax deductions for the 2018 tax year, the Treasury Inspector General for Tax Administration reported in February.
Under the bill, if more than 65% of carbon dioxide emissions from a given facility are captured and injected underground, then 100% of the eligible equipment can be financed with PABs.
New York and New Jersey lawmakers are looking to steer funding for a new Gateway rail tunnel by expanding the role of an agency charged with coordinating funding for the long-stalled Hudson River project.
The mass-transit enterprises for Pittburgh and Philadelphia face crises regardless of how a lawsuit over toll-related revenue plays out, says the rating agency.
Under the bill, if more than 65% of carbon dioxide emissions from a given facility are captured and injected underground, then 100% of the eligible equipment can be financed with PABs.
New York and New Jersey lawmakers are looking to steer funding for a new Gateway rail tunnel by expanding the role of an agency charged with coordinating funding for the long-stalled Hudson River project.
In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.
Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.
Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.
Publication Date