Bonds

Chicago’s revisions to its water and wastewater credit features drew an upgrade as the city prepares a nearly $1billion sale of water and wastewater revenue bonds next month ahead of Mayor Lori Lightfoot’s handover of power to Mayor-elect Brandon Johnson.   S&P Global Ratings lifted the rating on the second lien for both enterprise systems to

Municipals were firmer in spots, while U.S. Treasury yields rose 10 years and in ahead of Wednesday’s consumer price index report. Equities ended mixed. Triple-A yields were bumped up to three basis points Tuesday while UST yields rose up to two basis points 10 years and in, moving municipal-UST ratios near their 12-month lows, according

Butler Snow LLP has added 22 lawyers and an office in Huntsville, Alabama, its third in the state, to expand on economic growth there, the firm’s chair said. Butler Snow is “striving for strategic expansion” into an area brimming with new economic activity, Chair Christopher Maddux said in an interview. The Huntsville office is the

Puerto Rico Electric Power Authority bondholders want 100% of what they are owed and the Oversight Board working on the power authority’s bankruptcy plan offers a dramatically lower repayment percentage, court filing show. In a filing late on Friday, the bondholders said even if one assumed their claim was “unsecured,” they would still have a

Efforts by government and automakers to encourage electric vehicle adoption will shrink motor fuel use, weaken bond coverage ratios and force a broad reconfiguring of how states pay for transportation infrastructure. That was the upshot of a report Moody’s Investors Service released April 3 after running a stress test on the $38 billion it rates

Moody’s Investors Service upgraded New Jersey’s issuer rating and general obligation bonds to A1 from A2 Thursday. The upgrade “incorporates a solid economic recovery, with job gains leading the region and driving employment above the state’s pre-pandemic peak,” Moody’s said. The rating agency said the upgrade is supported by the state’s commitment to full, actuarial

The U.S. Virgin Islands Senate postponed voting on a bill that would address the Water and Power Authority’s debt to its fuel supplier after raising concerns about the islands’ own financial obligations for it and a lack of advance notice of it. . The Senate on Wednesday postponed considering a bill for a letter of

Municipals were firmer Thursday in a relatively quiet trading session as investors waited to see how many nonfarm payroll jobs were added in March. U.S. Treasuries and equities were mixed. The two-year muni-Treasury ratio was at 60%, the three-year at 60%, the five-year at 62%, the 10-year at 64% and the 30-year at 90%, according

The Biden administration has announced it planned to spend $585 million to fix aging water systems in the West, more than half going to California. The funding announced Wednesday during an event at the Imperial Dam on the Colorado River in Yuma, Arizona, will go to 83 projects across 11 states. California will receive $308

The Internal Revenue Service is examining a $338.4 million 2015 bond issuance by the Clark County School District in Nevada and asking questions about federal tax compliance, according to a letter the district received from the IRS that was disclosed on EMMA. According to the disclosure filing, the IRS is asking for copies of specified

The Securities and Exchange Commission has settled with Roberto Mejill-Tellado for his role in acting as an unregistered investment advisor for the City of Mayaguez, Puerto Rico, where he and six others were accused of defrauding the city of $9 million. In June 2022, Mejill-Tellado pleaded guilty to one count of conspiracy to commit wire

Citing “rollbacks in the face of myopic right-wing pushback against responsible fiduciary investing,” New York City Comptroller Brad Lander said Wednesday that two of the city’s pension funds have established new plans to reach net zero emissions in their investment portfolios by 2040.  “If the cynical war of political distraction waged by red-state politicians at the

Competing visions for the future of New Jersey’s corporate tax system emerged in the wake of changes proposed by Gov. Phil Murphy. As part ofa $53.1 billion fiscal year 2024 budget proposed in late February, Murphy said he intended to let a corporate business tax surcharge instituted in 2020 in response to COVID-related budget gaps,

Muni yields continued to fall along with U.S. Treasuries Wednesday as weaker-than-expected private payrolls for March led to supportive bond prices and a market rally. Equities ended mixed. California priced its $2.6 billion general obligation deal for institutions with double-digit bumps from Tuesday’s retail offering. Municipal to UST ratios on the short end remain rich.

As NASA gets set to head to the moon again, data says the agency has had a positive economic impact here on Earth. In fiscal 2021, 27,004 jobs were created in Florida alone through space agency spending, the space agency said, adding that its activities ripple across the entire United States. On Monday, NASA and

Tennessee will turn to tolls and public-private partnerships to meet the mounting costs of managing its roadways. Gov. Bill Lee’s Transportation Modernization Act cleared its last legislative hurdle Thursday as theGeneral Assembly approved his $3.3 billion package allowing for the use of P3s for highways for the first time in the state’s history. “Tennessee is

Puerto Rico’s preliminary economic activity index in February was down 0.2% from a year earlier but most other economic statistics were positive. According to the Puerto Rico Economic Development Bank’ preliminary estimate, the index value was down 0.6% in January from a year earlier. However, on a month-to-month basis, January’s index was up 0.5% from

The Puerto Rico Oversight Board said Puerto Rico Electric Power Authority bondholders are making “unreasonable” demands in their discovery in the agency’s bankruptcy. “The bondholders’ approach to discovery in this case has been marked by unreasonable demands and timelines,” the board said through its attorney in a response filed late Friday in the bankruptcy. “The

The Securities and Exchange Commission’s Best Execution proposal is receiving significant pushback from the muni market for its overlap with existing rules at the Municipal Securities Rulemaking Board and the Financial Industry Regulatory Authority and for other concerns unique to fixed income markets that advocates say could lead to significant consequences. That’s according to comments

Puerto Rico Electric Power Authority bondholders, the bond trustee, and bond insurers asked for certification of their appeal on bondholder liens but there are signals the judge isn’t inclined to grant it. On Friday morning District Court Judge Laura Taylor Swain not only rejected considering issues bondholders wanted treated separately, but she also set deadlines