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Kroll Bond Rating Agency's (KBRA)review of state revenue was lead by Paul Kwiatkoski, Managing Director. The State revenue losses show the results may be much less severe than originally estimated.
We have reached the point where interest rates have become sufficiently low that the viability of issuing taxable municipal bonds to refund higher coupon tax-exempt bonds in an issuer’s capital structure has become an active strategy.
S&P Global Public Finance launched the 2021 Credit Calendar with its Outlook for State and Local Governments. From a credit standpoint, state and local governments have navigated and led through significant challenges over time, and S&P expects this to continue.
2020 was a year unlike any other due to the devastating impacts of the coronavirus pandemic, with no infrastructure asset being hit harder than demand-based transportation, according to Fitch on their 2021 US Transportation Outlook webinar.
Congratulations to the analysts elected to receive the great and important honor of belonging to Smith's All-Star Analysts Team in 2020. Even if awards and accolades are presented by presidents and kings, none will be more important than the 2020 All-Star Municipal Analyst Award.
On Thursday, November 19, Treasury Secretary Mnuchin sent a letter to Fed Chair Powell indicating that he would be allowing most of the Fed's 13(3) emergency lending facilities to expire at year-end, and requesting that the Fed "return unused funds to the Treasury" in order for Congress to "re-appropriate $455 billion, consisting of $429 billion in excess Treasury funds for the Federal Reserve facilities and $26 billion in unused Treasury direct loan funds."
If you want to get a feel for municipal transportation credit, watch REM's video "Can't Get There From Here" which was filmed at a drive-in movie theater in Georgia in 2010. It's available on YouTube and the video is, well, "poor quality."
The rollercoaster ride that is the U.S. economy is likely to continue through into the first half of 2021.
Fitch Ratings assigned a 'BBB+' rating to the New York City Industrial Development Agency's (NYC IDA) $923 million PILOT Revenue Refunding Bonds,Series 2020, Yankee Stadium Project. Fitch has also affirmed the 'BBB+' rating on the Series 2006 and 2009 bonds, as well as the NYCIDA's Series 2006 and 2009 Rental Revenue Bonds, issued on behalf of Yankee Stadium LLC (StadCo). The Rating Outlook is Stable. The transaction will refund $863 million Series 2006 and 2009 bonds, generating more than $200 million in present value savings.
Economic development related to transportation in and around Washington, D.C. underscores the tremendous limitations and challenges facing the area.
Targeted Infrastructure programs will be one of the featured revitalization tools used for stimulating growth in the US economy post the COVID-19 pandemic. Many observers have anticipated massive large-scale infrastructure programs, but that may not be viable at this time, given the financial capabilities of many state and local governments.
S&P Global Ratings placed 98 ratings on most U.S. airports and airport-related obligations on CreditWatch with negative implications, affecting 63 different obligors. This week, SRG had a chance to talk with Kurt E. Forsgren, S&P Global transportation sector leader and senior credit analyst on Airports.
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Smith's Research & Gradings focuses on the people, sectors and news that matter the most to you. Smith's analysis is an indispensable part of Wall Street and the world's capital markets. Our approach was inspired by the need for a consistent analytical approach across all asset classes. Smith's Gradings are a time-tested, performance proven, and principles-based approach to risk. We go beyond the numbers to connect the dots for the world's decision makers. We can enhance the performance of investments in assets around the globe, while helping to ensure the safety of portfolios here at home.
Let a subscription to The Global Economic Doctor provide you with access to sovereign news, analysis and insights. Concise and powerful, the Global Economic Doctor spans the globe, giving you a read on how today’s market developments and key players are impacting your business around the planet.
