Struggling with declining enrollment, Oregon’s Portland State University had its outlook revised to negative by Moody’s Investors Service, affecting $193 million of outstanding debt. Enrollment declined by more than 20% over the past six years, and expectations of continued declines over the next four years at the downtown Portland university were cited by Moody’s in
Bonds
Municipals were slightly firmer Friday, outperforming a U.S. Treasury selloff after a hotter-than-expected jobs report. Equities rallied. Triple-A yields were firmer by up to four basis points while Treasuries were weaker by up to 15 on the short end. Short ratios fell as a result. The two-year muni-Treasury ratio Friday was at 66%, the three-year
Massachusetts state senators approved a $56 billion budget for the fiscal year 2024 last week, forwarding along for final debate a package that preserves many of the central features of Gov. Maura Healey’s landmark tax relief package. Senators followed in step with their counterparts in Massachusetts’ House in approving a package along the lines of
Two Missouri-based hospital operators, BJC HealthCare and Saint Luke’s Health System, are the latest to join the trend of large-system mergers. The two signed a letter of intent to form an integrated not-for-profit Missouri-based health system Wednesday. The systems will work to reach a definitive agreement “in the coming months” with a closing anticipated by the
Pending state legislation that boosts Milwaukee’s revenue raising prospects falls short of what the city needs to manage rising pension and other costs, Fitch Ratings said in cutting the city’s general obligation bond rating by two notches. Fitch dropped the rating Tuesday to BBB-plus from A and warned of the potential for further deterioration by
Despite a cloudy national economic forecast, officials in Atlanta expect a warm welcome from the municipal marketplace for their planned housing bond sale. Pending a vote in the largely supportive Atlanta City Council, the city will come to market in early to mid-summer with $100 million of bonds by negotiated sale, one of several expected
The Illinois Supreme Court will have the final say on the constitutionality of the state’s 2019 consolidation of suburban and downstate police firefighter pension fund assets. A group of police funds challenged the legislation, which has so far cleared two legal hurdles. Kane County Circuit Court Judge Robert Villa upheld the law in May 2022 and
Municipals were firmer Tuesday as U.S. Treasuries rallied on improved chances that Congress will raise the debt ceiling and avoid a U.S. default. Equities ended mixed. Triple-A yields fell three to 10 basis points, depending on the scale, underperforming U.S. Treasuries, which improved by five to 14 basis points with the largest gains on the
A fierce winter storm that hit several states more than two years ago is still churning out bond-related events, with a Texas utility refunding taxable tendered debt with tax-free bonds thanks to a private letter ruling, and an Oklahoma deal falling short on a debt service payment. Billions of dollars of debt has been sold
Municipals were weaker in the belly of the curve Thursday while U.S. Treasury yields sold off on the short end on Fed speak and continued concerns over the debt ceiling impasse. Equities were mixed near the close. Despite the rally in tech stocks, USTs and munis are reacting to uneven economic data and a potential
Cities and towns should take a hard look at the banks that hold their public funds in light of the recent turmoil in the bank industry. That was the message from panelists speaking Monday at the Government Finance Officers Association’s annual conference in Portland. “You might want to change up how you’re doing your banking,”
Municipal bond investors are paying more attention to the credit risks posed by public pension and other retirement liabilities. Municipal finance officers should prepare to address those questions when they apply for bond ratings and sell new issues and may want to consider bond insurance or other forms of credit enhancement to help build investor
The Equity in Infrastructure Project has named Everett Lott, director of the District of Columbia’s Department of Transportation, as vice chair of the organization which is dedicated to boosting opportunities for Historically Underutilized Businesses. “I know firsthand how increasing contracting opportunities for HUBs can change lives and communities for the better,” said Lott. “I am
Tennessee is betting nuclear energy will make a comeback. The state, which hosted labs that helped split the atom during World War II, has joined the race to develop and deploy the first commercial-grade variant of a scalable nuclear reactor that promises to provide an important piece of the nation’s green energy network. After appropriating
Municipals were weaker in spots in light trading Friday while U.S. Treasuries were weaker again on the short end on higher inflation reads. Equities rallied on a potential debt ceiling deal. “A slew of hot economic data points are keeping the bond market selloff going strong,” noted Edward Moya, senior market analyst at OANDA. The
Illinois lawmakers expect to cast a final vote early Saturday on a nearly $50.7 billion budget that preserves scheduled deposits into the rainy day fund, Gov. J.B. Pritzker’s proposed $200 million pension supplemental pension payment and pay off of the state’s tobacco bonds. Some of those plans appeared in possible jeopardy in recent weeks over
Chicago Mayor Brandon Johnson won’t say yet whether he intends to leave in place his predecessor’s executive order earmarking a budget surplus for future supplemental pension contributions. He also hasn’t committed to which of the tax proposals he advocated the campaign that brought him to the mayor’s office this month he will pursue first.
California lawmakers are betting voters have had a change of heart regarding the need for a statewide school bond measure. The state Senate approved on Wednesday a $15.5 billion school construction bond measure that would go before voters in March that is similar to the $15 billion Proposition 13, a failed school bond measure that
Minnesota lawmakers ended their 2023 session after passing a two-year budget with new funding for schools and social services, a $2.6 billion capital package, and a tax package that raises some taxes and fees on top earners and corporations while providing rebates for others and paying off debt for the NFL Vikings’ stadium. The budget
Cities and states may start to pause borrowing plans as the nation heads toward a breach of its debt limit as soon as next week. “If the debt ceiling is not raised, it’s going to be a brave new world,” said David Womack, deputy director at New York City’s Office of Management and Budget. “It
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