Bonds

CHICAGO — The judge overseeing Preston Hollow Capital LLC’s lawsuit accusing Nuveen Investments of bullying banks to boycott the private lender dropped a defamation claim against the investment behemoth. Delaware Chancery Court Vice Chancellor Sam Glasscock III’s ruling during a hearing Thursday follows his May decision to drop one count of tortious interference with a
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Demographic constraints that challenge Vermont’s long-term revenue picture cost the New England state its lone remaining triple-A rating. Fitch Ratings downgraded the Green Mountain State’s general obligation bonds one notch to AA-plus Thursday citing slower growth prospects amid an older population with limited chances at near-term growth. A scene in Strafford, Vermont, where the state
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Florida Gov. Ron DeSantis signed a bill dissolving the Miami-Dade County Expressway Authority, despite analysts’ warnings that another wave of rating downgrades could result. The warning was realized Friday, when Moody’s Investors Service downgraded to A3 from A2 the authority’s debt, saying that the action was taken in response to House Bill 385 being signed.
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Ohio-based Fairfield Medical Center’s fiscal woes tied to a new billing and collection system may push its credit rating on $90 million of outstanding hospital revenue bonds into junk and could trigger a breach of debt-service covenants. Moody’s Investors Service on Tuesday placed the hospital’s Baa3 rating on review for a downgrade. The rating agency
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Municipal bond investors saw little supply price into a strong market on Tuesday ahead of Wednesday’s early session close before the Fourth of July holiday. Janney: 1H was strong for munisThe first half of 2019 was good for municipal bond investors, Alan Schankel, managing director and municipal strategist at Janney, writes in a monthly market
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Puerto Rico bankruptcy Judge Laura Taylor Swain has ruled that holders of Employees Retirement System bonds are not entitled to continued payment in bankruptcy, saying among other things that the bonds’ revenues weren’t protected “special revenues.” Swain issued her ruling in an adversary proceeding on Thursday. It affects $3.2 billion of ERS bonds in default
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Puerto Rico’s May revenue was the highest of any May on record. The net revenue of $922 million was 19.9% above the November 23 projection for May revenues. The November projection was itself an increase from the Puerto Rico Oversight Board’s projections associated with its June 28, 2018-approved fiscal 2019 budget. The government is now
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Chicago will terminate $1.4 billion of short-term borrowing programs, saving the city about $22 million in fiscal year 2020, Mayor Lori Lightfoot said Thursday. The termination of the lines of credit and commercial paper programs resulted from improved cash flow forecasting and reporting done by the city, the mayor said. The $22 million in savings
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Citi is losing another top-tier employee to retirement, as Ward Marsh announced his intentions to call it quits after 45 years of service, effective at a later date this summer. The current Chairman of Global Spread Products, which includes Munis, Securitized Products and Credit. Marsh got started at the firm’s predecessor company Smith Barney in
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While political debate over Connecticut highway tolling remains at a standstill, Gov. Ned Lamont’s administration warned about federal backlash over a state-of-good-repair backlog. Washington has a bull’s-eye on the state, according to the governor and his transportation secretary, Joseph Giulietti. “The warning light’s on the dashboard,” Lamont said in Hartford at a press conference laced
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