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by Greg AbelLike a growing number of community banks nationwide, First Mariner Bank in Baltimore is in the middle of an online marketing experiment., The $1.4 billion-asset unit of First Mariner Bancorp recently relaunched a Web site, marketing campaign on the Google and Yahoo search engines., First Mariner plans to monitor and tweak the site's content and sponsored search terms as the campaign evolves, to move itself up the pecking order on both sides of the results page., said Kevin Lynch, First Mariner's senior vice president and director of e-commerce, First Mariner has committed to a three-month trial with a budget of $5, 000 a month, Mr. Lynch said. The Baltimore search-marketing consulting firm DMW Communications helped choose and edit the search terms and create site content, such as blogs, to maximize hits., The campaign is indicative of a growing, but still nascent, trend among community banks to leverage targeted online search marketing and advertising campaigns. Long the domain of large national or online-only banks with proportionately large budgets, campaigns using search engines, community Web sites, and other online vehicles are just starting to gain momentum among smaller banks as technology improves and awareness of effective tactics increases., The Web definitely has great potential for community banks, because you can target ads to local areas, said Jim Bruene, For the first decade bank advertising on the Internet was mostly national in scope. But all that changed in the last few years, As more and more people turn to the Web for financial research and resources, Mr. Bruene and other industry observers said, it makes sense for community banks to make sure consumers and businesses can find their institutions when looking for specific products in specific markets., If someone is moving to a new city or state, in the past they might go visit the nearest branch. Now that first search is done online, Mr. Bruene said., While First Mariner is using search engines to reach Web users, others are marketing their services through specific sites., For example, a popular online wedding planning site, The Knot, and its new companion site for newlyweds, The Nest, have become effective advertising vehicles for banks of all sizes., Alisha Johnson, a senior vice president and the director of marketing at the $411 million-asset Highland Bank in St. Paul, said that The Knot has helped her bank develop meaningful leads for its mortgage products., The site is national in scope but allows advertisers to target local communities by focusing on selected ZIP codes. More significantly, it lets banks and others focus on a demographic in the middle of making life-changing financial decisions., We're talking to an audience that is definitely in transition, A couple of years ago we wouldn't have even thought about it, That's music to the ears of David Liu, the chief executive and a co-founder of The Knot Inc., who sells national and community banks on the powerful notion that they can reach an audience with specific financial decisions looming., When consumers come back from their honeymoons, it's very predictable what's going to happen in that first year, Mr. Liu said, reeling off a list of transactions they are likely to make: buying a home, buying a car, buying insurance, and merging their finances., We've been able to create a destination that's very rich on the local level, Mr. Liu said. Six percent of his company's revenue comes from local advertisers, We are also the only media company that knows the moment a couple becomes married, Some community bankers say they do not see much value in using global search engines for local advertising, but Google Inc. is trying to convince them otherwise., The Mountain View, Calif., company, which reported an astounding $2.25 billion of revenue for the quarter that ended March 31, has targeted community banks as an area for growth. Jon Kaplan, its vertical head of financial services, said community banks have not leveraged search marketing as much as they could and need to take the time to understand what it offers., Our technology allows advertisers to target by a variety of geographic mechanisms - by market or state or radius around branch locations, Mr. Kaplan said. National banks have taken the lead in search advertising, but by doing so they have created an opening for the smaller guys., for example, a community bank's ad could appear showing not only its name and services but also a map indicating its location, Most of our advertisers find this to be the most cost-effective medium they advertise in, They are only reaching customers in the market for their products and services. There is no waste. These people have raised their hands and said, 'I'm interested in a checking account, One bank trying to do just that through a search campaign is Viking Bank in Seattle. The 13-year-old bank, which has six branches and two more on the drawing board, launched a Google Adwords campaign in November., Emily Cornwell, the $318 million-asset Viking's marketing director, bring in traffic., Part of the beauty of search advertising is its transparency, according to Ms. Cornwell. For example, she knows that in April, 000 searches made through Google brought up a results page that included Viking Bank, Of those 124, 000 searches, 105 resulted in clicks to Viking's site, of 0.1%. Viking's monthly fee? $300., We haven't gotten far enough to know if people are opening accounts, but we are seeing more traffic than last year, We want to get as much Web site exposure as we can, but we want customers to come into the branch, The desire for face-to-face interaction, though, has kept many community banks away from online advertising campaigns. Nearly every bank has a Web site, and many offer online banking, but anecdotal research suggests that the vast majority of community banks have not begun to consider online campaigns beyond e-mail offers to current customers., Perhaps owing to the community banking industry's proudly held reputation for relationship building and know-your-name customer service, some bank marketing executives said they see no need for online campaigns., With our style of community banking, people are real close to us, said Mike McDonald, a senior vice president at the $1.7 billion-asset Ameris Bancorp, a multibank holding company in Moultrie, We have not felt the need to advertise on the Web, Still, others are dipping their toe into online advertising., K Bank in Randallstown, We've been working with a few nonprofit and local community sites where people can find us as a resource, said Nicole Topper, K Bank's vice president of marketing and advertising., which is largely devoted to radio, billboard, and newspaper campaigns., The $621 million-asset bank is not experimenting with search marketing, Given we are a regional bank in Maryland, Otto Suarez, the president and marketing director at the Miami financial services marketing firm Oz Communications Inc., said he believes it is just a matter of time before community banks start advertising online en masse., Banks are often slower to react and adapt to new technologies and changing times. I think it's a great avenue, Mr. Abel is a freelance writer in Baltimore
Published in American Banker (2007)
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by Katie Kuehner-HebertA Westport, Conn., banking executive is following in the footsteps of Martha Stewart., appears Saturdays on local cable and will soon hit the air on network TV., Mr. Jennings became a lifestyle guru by accident, while a regional manager for the $9 billion-asset Hudson United Bancorp. of Mahwah, N.J., before it was bought this year by TD Banknorth Inc. of Portland, Maine. (He is now a senior vice president of Harbor Bank, a private bank being organized in Southport, Conn.), In 2002 he was asked to show his home and garden in a home tour for a local charity, Dress for Success. Soon after, many started coming to him not only for banking needs but for tips on how to decorate bathrooms or prune shrubs., That's when the lightbulb went off and I said, 'I should be doing more of this, Mr. Jennings, started his second career by doing guest spots on other home-and-garden TV shows, he launched his own last year. North Star Media of Studio City, Calif., recently agreed to syndicate it nationally, and several network stations in Connecticut and New York were to start broadcasting it this month., He has also launched a Web site, featuring tips on how to find antique shutters, and make corn, avocado, and tomato salad., Stephen M. Carta, the president and chief operating officer of the proposed Harbor Bank, said Mr. Jennings has developed quite a following on the Connecticut shore, He said Mr. Jennings' reputation should be good for Harbor, which organizers aim to open this year once they get a final nod from regulators and raise as much as $20 million of capital., the kind of respect and following you would hope to have in a community like Fairfield County, especially when you're the new guy on the block, Mr. Carta said.
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by Katie Kuehner-HebertWhen Dan McAllister, the San Diego County treasurer, tax collector, was campaigning for the job in *2002-, he told community bankers he would steer some county money to them., Now he's doing it., Most of the funds in a multibillion-dollar investment pool that Mr. McAllister's office manages for the county and other local agencies such as school and water districts, are invested in securities or deposited at big banks such as Bank of America or Wells Fargo Bank. But last month Mr. McAllister announced that his office had bought a $100, 000 certificate of deposit from each of 17 San Diego-area banks., For years, banks here have been trying to attract the attention of the county to do business locally, and now that my term is almost up, I thought I should work something out with them - as long as we get acceptable rates that we don't have to haggle over, Mr. McAllister said., Normally the money would have been invested in Treasury bills, Mr. McAllister said. The banks agreed to pay 5 basis points more than the going rate on a one-year T bill, Stephen G. Andrews of Bank of Alameda said the county, like other government entities, realizing that when they invest in larger banks, Paul Smith, senior counsel of regulatory policy at the American Bankers Association, said some states and big cities, including New York, often based on Community Reinvestment Act or similar ratings, when choosing where to deposit funds., They want to use the banks they think have been the best to their community, Mr. Smith said., The $777 million-asset Pacific Trust Bank in Chula Vista, Calif., is among those that sold a CD to San Diego County., It's a good start, but they need to expand it to say $1 million to $2 million for each bank to really make an impact, said Hans Ganz, the bank's president and CEO.
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by Kate Berry and Marc HochsteinThe paperless mortgage is still years away, but more players in the secondary market have agreed to accept documents in electronic form., LaSalle Bank, a Chicago unit of ABN Amro Holding NV of the Netherlands, plans to announce today that it has created an electronic vault for mortgage documents. Harry Cichetti, LaSalle's senior vice president of collateral services, after they have assembled the loans., Usually it takes three to five business days to ship the necessary documents, such as the promissory note signed by the borrower, to the custodian. The cycle time can get stretched to as much as 15 days, because paper documents have to be verified manually. With an electronic vault, documents are created, uploaded, and transmitted instantaneously in encrypted form., Now that it has the infrastructure, LaSalle's next step will be to get Wall Street firms to buy electronic notes, Mr. Cichetti said., There are a lot of major Wall Street firms that are looking at this, He would not say how much LaSalle is investing, for the investment to pay off., LaSalle is the seventh-largest trustee of mortgage- and asset-backed securities in the United States, according to the newsletter Asset-Backed Alert., It is the second custodial bank to create such a vault using technology developed by the Houston vendor Encomia. GMAC Bank, which stores securitization documents for General Motors Corp.'s home lending subsidiaries and other companies, adopted Encomia's technology in April., Barbara Krawczun, the vice president of the document custody division at GMAC Bank's trust operation, said that with the technology, as soon as a note is funded, it can be moved directly to an electronic vault on the same day, and there is no cost or risk associated with it, as there is for a paper note, Andrew Dubinsky, the president and chief executive of Encomia, the process can be time-consuming and expensive., An electronic vault compresses the time for the investor to make a decision, Electronic notes can let a lender turn over its warehouse line five to seven times a month, versus 2.5 times a month with paper documents, The warehouse durations are cut dramatically, Fannie Mae and Freddie Mac were early adopters of e-notes, and Mr. Dubinsky said he expects private investors to begin accepting them next year., Fremont Bank in California began using Encomia's technology in June. Tami Fuller, the bank's manager of system development and administration, said it expects to sell 80% of its first liens electronically to Fannie by mid-2007., Scott Cooley, a consultant in Los Gatos, Calif., said electronic vaults are just starting to go mainstream., Return on investment is still a little tough to justify right now, because the systems are fairly expensive
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by Lynn HumeDuring its first two years of operation, the Central Post Office has received 73, 930 secondary market disclosure filings in connection with more than 602, 000 individual bonds from 3, 800 issuers and borrowers in 50 states, the District of Columbia and Puerto Rico, the Muni Council reported yesterday., Those figures show major growth from the CPO's first year, when it had received only 19, 275 filings for 568, 000 individual, according to the Muni Council, which is made of 18 municipal market groups that are working together to improve secondary market disclosure in the municipal market., California, Texas, and Florida are the top three states that have made filings and together account for almost 30% of those filed with the Central Post Office, the Muni Council said in its release., About 44, or more than half of the 73, 930 disclosure filings that the CPO has received to date, can be retrieved for free from Web sites that are linked to the facility, the Muni Council said. The CPO only stores the documents and does not make them available to market participants, except through links to certain issuers and dissemination agents., The post office currently contains a link to EZDisclose, a dissemination agent based in New York City that is owned by SourceMedia, the same company that owns The Bond Buyer, as well as links to First Southwest Co., a financial advisory and broker-dealer firm based in Dallas, and several issuers., The Muni Council said yesterday it is working with MuniFinancial, a dissemination agent in Temecula, Calif., The CPO, which has been operated by the Municipal Advisory Council of Texas since Sept. 7, *2004-, borrowers, or their agents file the documents with the CPO under a uniform cover sheet that contains certain information, To mark its second anniversary, the Muni Council plans to host two demonstrations of the CPO's Web site, Sept. 21 at 9 a.m. and 2 p.m. at the Global Financial Markets Conference Center at its offices on 360 Madison Ave. in New York., The MAC board and staff are very proud of the accomplishments of DisclosureUSA during its first two years in operation, and the NRMSIRs and SIDs, the Cusip Service Bureau, and the large dissemination agents have all played a big part in its success, said Gary Machak, the Texas MAC's chairman., The MAC is committed to the success of the CPO and views it as our top priority, said Machak, Martha Mahan Haines, chief of the Securities and Exchange Commission's Office of Municipal Securities, has said she plans to ask the commission to make use of the CPO mandatory for all issuers., The Muni Council has made notable progress in its efforts to establish a comprehensive index of all secondary market disclosure information, said Frank Chin
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by Average Municipal Bond Yields -- Compiled Weekly, 20-Bond 11-Bond 25-Bond 10-Year 30-Year, GO Index1 GO Index1 Revenue2 Treasury3 Treasury3, *2006-, JUN 15 4.58 4.52 5.20 5.10 5.14, 8 4.48 4.43 5.18 5.00 5.08, 1 4.57 4.52 5.23 5.10 5.20, MAY 25 4.52 4.46 5.22 5.07 5.17, 18 4.58 4.52 5.24 5.07 5.18, 11 4.63 4.57 5.25 5.16 5.23, 4 4.63 4.59 5.24 5.15 5.24, APR 27 4.59 4.55 5.22 5.08 5.18, 20 4.59 4.55 5.20 5.04 5.14, 12 4.57 4.52 5.18 4.98 5.05, 6 4.56 4.51 5.16 4.90 4.97, MAR 30 4.53 4.48 5.14 4.85 4.89, 23 4.43 4.36 5.08 4.74 4.75, 16 4.40 4.33 5.08 4.64 4.70, 9 4.45 4.38 5.11 4.73 4.72, 2 4.39 4.32 5.07 4.64 4.62, FEB 23 4.36 4.29 5.04 4.56 4.51, 16 4.41 4.34 5.09 4.59 4.57, 9 4.42 4.34 5.14 4.54 4.64, 2 4.43 4.36 5.17 4.57 4.70, JAN 26 4.42 4.35 5.15 4.52 4.70, 19 4.33 4.26 5.08 4.37 4.54, 12 4.37 4.29 5.11 4.41 4.59, 5 4.35 4.28 5.09 4.35 4.54, *2005-, DEC 29 4.38 4.31 5.11 4.36 4.52, 22 4.42 4.35 5.15 4.43 4.61, 15 4.48 4.41 5.19 4.47 4.67, 8 4.49 4.42 5.20 4.46 4.67, 1 4.53 4.46 5.23 4.51 4.72, NOV 22 4.51 4.44 5.20 4.43 4.66, 17 4.52 4.45 5.21 4.46 4.65, 9 4.61 4.54 5.24 4.64 4.83, 3 4.63 4.55 5.24 4.64 4.84, OCT 27 4.56 4.49 5.21 4.56 4.77, 20 4.47 4.40 5.13 4.45 4.67, 13 4.51 4.43 5.11 4.47 4.70, 6 4.44 4.36 5.06 4.37 4.59, SEP 29 4.39 4.31 5.04 4.29 4.52, 22 4.30 4.23 4.98 4.18 4.47, 15 4.30 4.23 4.96 4.22 4.51, 8 4.26 4.19 4.87 4.14 4.42, 1 4.18 4.11 4.83 4.02 4.29, AUG 25 4.25 4.18 4.87 4.16 4.37, 18 4.27 4.21 4.88 4.21 4.42, 11 4.37 4.30 4.93 4.34 4.53, 4 4.38 4.31 4.90 4.33 4.52, JUL 28 4.31 4.23 4.86 4.20 4.40, 21 4.36 4.29 4.87 4.28 4.50, 14 4.30 4.23 4.84 4.18 4.41, 7 4.27 4.19 4.82 4.05 4.30, JUN 30 4.24 4.16 4.77 3.93 4.20, 23 4.23 4.16 4.76 3.96 4.25, 16 4.31 4.24 4.83 4.08 4.38, (1) General obligation bonds maturing in 20 years are used in compiling, these indexes. The 20-bond index has an average rating equivalent to, Moody's, Aa2 and S&P's AA, while the 11-bond index is equivalent to Aa1 and AA-plus., (No average Fitch rating is provided because Fitch does not rate two of the, bonds.) The 11 bonds used in the higher-grade index are marked with an, asterisk., Moody's, Fitch Moody's, Fitch Moody's, Fitch, Baltimore, Md. A1, A+ Houston, Tex. Aa3, AA- *Pennsylvania, California A1, A+ *Memphis, Tenn. Aa2, AA- *Phoenix, Ariz., Chicago, Ill Aa3, AA- Milwaukee, Wis. Aa2, AA+ Puerto Rico, Baa3, Dade Co., Fla. Aa3, A+ *New Jersey Aa2, AA- *Seattle, Wash. Aaa, *Denver, Colo. Aa1, AA+ New York City A1, A+ *South, Carolina Aaa, *Florida Aa1, AA+ New York State Aa3, AA- *Washington Aa1, *Georgia Aaa, AAA *North Carolina Aa1, (2) Revenue bonds maturing in 30 years are used in compiling this index., It has an average rating equivalent to Moody's A1 and S&P's A-plus. (No, average Fitch rating is provided because Fitch does not rate seven of the, bonds.) The bonds and their ratings are:, Moody's S&P Fitch, Atlanta, Ga., airport (AMT) A1 A+ A+, California Housing Finance Agency, multi-unit rental (AMT) Aa2 A+ NR, Connecticut Housing Finance Authority Aaa AAA NR, Dallas-Fort Worth International Airport Board, Tex. (AMT) A1 A+ A+, Energy Northwest (formerly WPPSS), Wash., power revenue Aa1 AA- AA-, Illinois Health Facilities Authority (Northwestern Memorial Hospital), Aa2 AA+ NR, Illinois Housing Development Authority, multifamily A1 A+ A+, Intermountain Power Agency, Utah A1 A+ AA-, JEA (formerly Jacksonville Electric Authority), Fla. electric revenue, Aa2 AA AA, Kentucky Turnpike Authority Aa3 AA- AA-, Los Angeles Department of Water and Power, Calif., electric revenue Aa3, A+ AA-, Maricopa Co. Industrial Development Authority, Ariz. (Samaritan Health, Service) Baa1 BBB NR, Massachusetts Port Authority (AMT) Aa3 AA- AA-, MEAG Power (formerly Municipal Electric Authority of Georgia) A2 AA-, Nebraska Public Power District, power supply A1 A+ A+, New Jersey Turnpike Authority, turnpike revenue A3 A A, New York State Local Government Assistance Corp., revenue A3 AA- A+, New York State Power Authority, general purpose Aa2 AA- AA, North Carolina Municipal Power Agency No. 1, Catawba electric revenue, Baa1 BBB+ A-, Port Authority of New York and New Jersey, consolidated (AMT) A1 AA- AA-, Puerto Rico Electric Power Authority Baa1 A- NR, Salt River Project Agricultural Improvement and Power District, Ariz., electric revenue Aa2 AA NR, South Carolina Public Service Authority, electric revenue Aa2 AA- AA, Texas Municipal Power Agency A2 A+ A, Virginia Housing Development Authority (AMT) Aa1 AA+ NR, (3) Yield on the most current U.S. Treasury 10-year note and 30-year, Treasury bond (Sources: GovPX Inc., Garvin GuyButler).
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by Average Municipal Bond Yields -- Compiled Weekly, 20-Bond 11-Bond 25-Bond 10-Year 30-Year, GO Index1 GO Index1 Revenue2 Treasury3 Treasury3, *2006-, OCT 26 4.30 4.23 4.78 4.72 4.84, 19 4.33 4.27 4.79 4.78 4.91, 12 4.33 4.27 4.76 4.77 4.91, 5 4.25 4.19 4.77 4.61 4.76, SEP 28 4.23 4.17 4.77 4.62 4.76, 21 4.21 4.16 4.79 4.64 4.78, 14 4.30 4.24 4.85 4.79 4.92, 7 4.34 4.28 4.88 4.79 4.94, AUG 31 4.30 4.25 4.91 4.74 4.88, 24 4.34 4.30 4.93 4.80 4.94, 17 4.39 4.34 4.97 4.87 5.00, 10 4.45 4.39 5.02 4.93 5.07, 3 4.49 4.44 5.06 4.94 5.03, JUL 27 4.55 4.50 5.13 5.04 5.11, 20 4.59 4.53 5.19 5.02 5.08, 13 4.62 4.57 5.21 5.08 5.12, 6 4.69 4.64 5.31 5.19 5.23, JUN 29 4.71 4.66 5.31 5.21 5.26, 22 4.68 4.62 5.27 5.20 5.23, 15 4.58 4.52 5.20 5.10 5.14, 8 4.48 4.43 5.18 5.00 5.08, 1 4.57 4.52 5.23 5.10 5.20, MAY 25 4.52 4.46 5.22 5.07 5.17, 18 4.58 4.52 5.24 5.07 5.18, 11 4.63 4.57 5.25 5.16 5.23, 4 4.63 4.59 5.24 5.15 5.24, APR 27 4.59 4.55 5.22 5.08 5.18, 20 4.59 4.55 5.20 5.04 5.14, 12 4.57 4.52 5.18 4.98 5.05, 6 4.56 4.51 5.16 4.90 4.97, MAR 30 4.53 4.48 5.14 4.85 4.89, 23 4.43 4.36 5.08 4.74 4.75, 16 4.40 4.33 5.08 4.64 4.70, 9 4.45 4.38 5.11 4.73 4.72, 2 4.39 4.32 5.07 4.64 4.62, FEB 23 4.36 4.29 5.04 4.56 4.51, 16 4.41 4.34 5.09 4.59 4.57, 9 4.42 4.34 5.14 4.54 4.64, 2 4.43 4.36 5.17 4.57 4.70, JAN 26 4.42 4.35 5.15 4.52 4.70, 19 4.33 4.26 5.08 4.37 4.54, 12 4.37 4.29 5.11 4.41 4.59, 5 4.35 4.28 5.09 4.35 4.54, *2005-, DEC 29 4.38 4.31 5.11 4.36 4.52, 22 4.42 4.35 5.15 4.43 4.61, 15 4.48 4.41 5.19 4.47 4.67, 8 4.49 4.42 5.20 4.46 4.67, 1 4.53 4.46 5.23 4.51 4.72, NOV 22 4.51 4.44 5.20 4.43 4.66, 17 4.52 4.45 5.21 4.46 4.65, 9 4.61 4.54 5.24 4.64 4.83, 3 4.63 4.55 5.24 4.64 4.84, OCT 27 4.56 4.49 5.21 4.56 4.77, (1) General obligation bonds maturing in 20 years are used in compiling these indexes. The 20-bond index has an average rating equivalent to Moody's Aa2 and S&P's AA, Moody's, Fitch Moody's, Fitch Moody's, Fitch, Baltimore, Md. A1, A+ Houston, Tex. Aa3, AA- *Pennsylvania Aa2, California A1, A+ *Memphis, Tenn. Aa2, AA- *Phoenix, Ariz. Aa1, Chicago, Ill Aa3, AA- Milwaukee, Wis. Aa2, AA+ Puerto Rico Baa3, Dade Co., Fla. Aa3, A+ *New Jersey Aa2, AA- *Seattle, Wash. Aaa, *Denver, Colo. Aa1, AA+ New York City A1, A+ *South Carolina Aaa, *Florida Aa1, AA+ New York State Aa3, AA- *Washington Aa1, *Georgia Aaa, AAA *North Carolina Aa1, Moody's S&P Fitch, Atlanta, Ga., airport (AMT) A1 A+ A+, California Housing Finance Agency, multi-unit rental (AMT) Aa2 A+ NR, Connecticut Housing Finance Authority Aaa AAA NR, Dallas-Fort Worth International Airport Board, Tex. (AMT) A1 A+ A+, Energy Northwest (formerly WPPSS), Wash., power revenue Aa1 AA- AA-, Illinois Health Facilities Authority (Northwestern Memorial Hospital) Aa2 AA+ NR, Illinois Housing Development Authority, multifamily A1 A+ A+, Intermountain Power Agency, Utah A1 A+ AA-, JEA (formerly Jacksonville Electric Authority), Fla. electric revenue Aa2 AA AA, Kentucky Turnpike Authority Aa3 AA- AA-, Los Angeles Department of Water and Power, Calif., electric revenue Aa3 A+ AA-, Maricopa Co. Industrial Development Authority, Ariz. (Samaritan Health Service) Baa1 BBB NR, Massachusetts Port Authority (AMT) Aa3 AA- AA-, MEAG Power (formerly Municipal Electric Authority of Georgia) A2 AA-, Nebraska Public Power District, power supply A1 A+ A+, New Jersey Turnpike Authority, turnpike revenue A3 A A, New York State Local Government Assistance Corp., revenue A3 AA- A+, New York State Power Authority, general purpose Aa2 AA- AA, North Carolina Municipal Power Agency No. 1, Catawba electric revenue Baa1 BBB+ A-, Port Authority of New York and New Jersey, consolidated (AMT) A1 AA- AA-, Puerto Rico Electric Power Authority Baa1 A- NR, Salt River Project Agricultural Improvement and Power District, Ariz., electric revenue Aa2 AA NR, South Carolina Public Service Authority, electric revenue Aa2 AA- AA, Texas Municipal Power Agency A2 A+ A, Virginia Housing Development Authority (AMT) Aa1 AA+ NR, (3) Yield on the most current U.S. Treasury 10-year note and 30-year Treasury bond (Sources: GovPX Inc.
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by Compiled by Matthew KrepsISSUER AMOUNT CHANGE, BOND ($000S) TO FROM NAME COMMENTS, Clackamas County Hospital Facility Authority, Ore., health care bonds 308, 000 A1 Aa3 Moody Operating decline in fiscal year 2006 and liquidity decline., Delaware Health Facility Authority, hospital revenue bonds (Nanticoke Health Services) n.a. BBB-plus A-minus S&P Recent operating and excess losses., Dumont (Borough), N.J., general obligation bonds 6, 100 Baa1 A2 Moody Limited reserves, dependence on annual cash flow borrowing., East Bay Regional Park District, Calif., general obligation bonds 67, 000 Aa1 Aa2 Moody Large tax base, and favorable socio-economic profile., El Paso ISD, Tex., education bonds 76, 600 Aa3 A1 Moody Diversified economy, sufficient financial reserves., Fridley (City), Minn., general obligation bonds 14, 500 Aa2 Aa1 Moody Tight budget oversight. Pressured financial operations. Reduced reserve levels., Greenville Housing Finance, S.C., revenue bonds (Greenville Crossing Cameron Crossing) 14, 355 Ca B2 Moody No payment made to bondholders on the scheduled interest., Miami Community Redevelopment District, Fla., revenue bonds, 340 Baa1 Baa3 Moody Tax base growth, and incremental revenues., New Hampshire Health and Educational Facilities Auth., revenue bonds, (Littleton Regional Hospital)n.a. BB-plus BB S&P Substantial change in financial performance and minimal competition., New Jersey Health Care Facilities Finance Authority, N.J., health care revenue bonds (Deborah Heart and Lung Center)26, 800 Baa3 Baa2 Moody Deteriorating asset base and operating challenges., Phoenix Civic Improvement Corp., Ariz., senior lien airport revenue bonds Series *1994-, *1998-, 2002A, 2002B 153, 000 Aa3 A1 Moody Strong service area, favorable market position and low debt ratio. Manageable capital plan., Swansea (Town), Mass., general obligation bonds 4, 900 A3 Baa2 Moody Improved financial operations, solid fund balances, and financial stability., Winona (City), Minn., health revenue bonds 19, 100 BBB BBB-minus S&P Solid balance sheet, improved operating, and good market position.
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by Compiled by Matthew KrepsISSUER AMOUNT CHANGE, BOND ($000S) TO FROM NAME COMMENTS, Annandale Independent School District, Tex., general obligation bonds 2, 750 A1 A2 Moody Increasing tax base, stable financial position, low debt burden., Arizona Health Facilities Authority, revenue bonds (Catholic 396, 925 Healthcare West) A A-minus S&P Track record over past six years of continued operating improvement and strong cash flow, continued growth in liquidity despite significant reinvestment in existing facilities and new expansion., Atlantic Marine Corps Communities LLC, N.C., military housing bonds, Series 2005 Class II 54, 610 AA A S&P Essential nature of military bases involved, very strong asset quality, considerable financial strength., Atlantic Marine Corps Communities LLC, N.C., military housing bonds, Series 2005 Class III 11, 760 A BBB S&P Essential nature of military bases involved, very strong asset quality, considerable financial strength., Avondale (City), Ariz., excise tax revenue bonds 53, 490 AA-minus A-plus S&P Growing and diversifying tax base and economy, strong debt service coverage, two-part additional bonds test that protects against significant coverage dilution., Avondale (City), Ariz., general obligation bonds 23, 765 A-plus A S&P Rapid population growth, economic diversification, maintenance of strong general fund balance., Beaufort County, S.C., general obligation bonds 173, 200 AA AA-minus S&P Consistently strong economic growth, stabilized financial position., Beaufort County, S.C., tax increment revenue bonds (New River & Bluffton Area development Projects) 63, 680 A A-minus S&P Upgrade of county's GO rating., Bedford (City), Ohio, general obligation bonds 25, 260 AA-minus A-plus S&P Ongoing economic development, strong reserve levels., Bexar County Housing Finance Corp., Tex., housing revenue bonds, Senior Series 2001 (Nob Hill Apartments) 13, 285 Ba1 Baa3 Moody Project's continued financial deterioration., Birmingham Special Care Facilities Financing Authority, Ala., revenue bonds (Ascension Health Credit Group) 100, 000 AA-plus AA Fitch Strong and improving financial profile, exceptional management practices, geographic diversity., Birmingham Special Care Facilities Financing Authority, Ala., revenue bonds (Ascension Health Subordinate Credit Group) 13, 080 AA AA-minus Fitch Strong and improving financial profile, exceptional management practices, geographic diversity., California Health Facilities Financing Authority, revenue bonds (Catholic Healthcare West) 1, 175 A A-minus S&P Track record over past six years of continued operating improvement and strong cash flow, continued growth in liquidity despite significant reinvestment in existing facilities and new expansion., California Statewide Communities Development Authority, revenue bonds (Trinity Health)67, 200 Aa2 Aa3 Moody Augmented reserves resulting from significant operating surpluses over past five years., California Statewide Communities Development Authority, revenue bonds (Catholic Healthcare West) 130, 590 A A-minus S&P Track record over past six years of continued operating improvement and strong cash flow, continued growth in liquidity despite significant reinvestment in existing facilities and new expansion., Capital Trust Agency, Tex., senior multifamily housing revenue bonds, Senior Series 2003 A&B (American Opportunities for Housing-Golf Villas, Rivermill & Village Square Apartments) 15, 000 Ba1 Baa2 Moody Revenue volatility, lower debt service coverage than expected., Capital Trust Agency, Tex., senior multifamily housing revenue bonds, Subordinate Series 2003 C (American Opportunities for Housing-Golf Villas, Rivermill & Village Square Apartments) 985 Ba2 Ba1 Moody Revenue volatility, lower debt service coverage than expected., Castaic Lake Water Agency, Calif., senior certificates of participation 224, 825 A-plus A S&P Decreased reliance on one-time development related revenues for solid debt service coverage, closed senior lien., Chicago (City), Ill., first lien revenue bonds (Chicago O'Hare International Airport) n.a. Aa3 A1 Moody Closure of first lien, increasing airport traffic and revenue trends, strong cash position, steadily growing and diversified service area., Chicago (City), Ill., third lien revenue bonds (Chicago O'Hare International Airport) n.a. A1 A2 Moody Closure of first lien, increasing airport traffic and revenue trends, strong cash position, steadily growing and diversified service area., Chicago (City), Ill., first-lien general airport revenue bonds (Chicago O'Hare International Airport) 240, 575 AA A-plus S&P Legal steps taken by airport to close indenture that secures first-lien general airport revenue bonds, strong maximum annual debt Service coverage levels consistent with higher rating levels., Chicago (City), Ill., first-lien passenger facility charge revenue bonds (Chicago O'Hare International Airport) 193, 815 AA-minus A-plus S&P Legal steps taken by airport to close indenture that secures first-lien general airport revenue bonds, strong maximum annual debt Service coverage levels consistent with higher rating levels., Chicago (City), Ill., second-lien general airport revenue bonds (Chicago O'Hare International Airport) 518, 470 A-plus A S&P Legal steps taken by airport to close indenture that secures first-lien general airport revenue bonds, strong maximum annual debt Service coverage levels consistent with higher rating levels., Connecticut Health & Educational Facilities Authority, revenue bonds (Ascension Health Credit Group) 38, 900 AA-plus AA Fitch Strong and improving financial profile, exceptional management practices, geographic diversity., East Orange (City), N.J., general obligation bonds 75, 200 Baa1 Baa2 Moody Improved financial position, as reflected in five years of surpluses and near tripling of reserves during that period., Escambia County Health Facilities Authority, Fla., revenue bonds (Ascension Health Credit Group) 210, 520 AA-plus AA Fitch Strong and improving financial profile, exceptional management practices, geographic diversity., Farmingdale (Village), N.Y., general obligation bonds 6, 900 A3 Baa1 Moody Significant tax base growth over past five years, above-average wealth indicators, improved financial position., Franklin County, Ohio, revenue bonds (Trinity Health) 490, 800 Aa2 Aa3 Moody Augmented reserves resulting from significant operating surpluses over past five years., Fresno (City), Calif., revenue bonds (Trinity Health) 119, 100 Aa2 Aa3 Moody Augmented reserves resulting from significant operating surpluses over past five years., Fulton County Development Authority, revenue bonds, Series 1997 B (Georgia Tech Facilities Inc.) 19, 025 AA-minus A-plus S&P Georgia Institute of Technology's strong and improving institutional characteristics., Galesburg (City), Ill., general obligation unlimited tax bonds 14, 580 A2 A1 Moody Continued local economic challenges, socio-economic indicators well below state and national medians, recent declines in assessed valuations., Harris County Hospital District, Tex., revenue bonds 99, 376 A A-minus S&P Strong county support, improved financial margins, robust liquidity., Hazleton Health Services Authority, revenue bonds, Series 1996 (Hazleton-St. Joseph Medical Center) 13, 800 Ba3 Ba2 Moody Concerns over hospital's ability to produce operating cash flow to meet debt service obligations., Henderson (City), Nev., revenue bonds (Catholic Healthcare West) 273, 275 A A-minus S&P Track record over past six years of continued operating improvement and strong cash flow, continued growth in liquidity despite significant reinvestment in existing facilities and new expansion., Highland Charter Township, Mich., general obligation unlimited tax bonds 4, 500 A1 A2 Moody Sizable tax base, sound financial position, modest debt levels with above-average repayment., Houston Community College System, Tex., senior lien revenue bonds 224, 200* Aa3 A2 Moody Sizable tax base, growing enrollment and consistently positive operating performance supported by significant taxing margin., Houston Community College System, Tex., junior lien revenue bonds 224, 200* A1 A3 Moody Sizable tax base, growing enrollment and consistently positive operating performance supported by significant taxing margin., Idaho Health Facilities Authority, revenue bonds (Trinity Health) 175, 800 Aa2 Aa3 Moody Augmented reserves resulting from significant operating surpluses over past five years., Indiana Health & Educational Facility Financing Authority, revenue bonds (Trinity Health) 100, 500 Aa2 Aa3 Moody Augmented reserves resulting from significant operating surpluses over past five years., Indiana Health Facilities Financing Authority, revenue bonds (Ascension Health Credit Group) 1, 655 AA-plus AA Fitch Strong and improving financial profile, exceptional management practices, geographic diversity., Indiana Health Facilities Financing Authority, revenue bonds (Ascension Health Subordinate Credit Group) 450, 180 AA AA-minus Fitch Strong and improving financial profile, exceptional management practices, geographic diversity., Indianapolis (City), Ind., gas utility distribution system revenue bonds (Citizen's Gas & Coke Utility) 221, 055 A A-plus S&P State approval of rate increase substantially lower than requested by utility., Iowa Finance Authority, revenue bonds (Trinity Health) 135, 000 Aa2 Aa3 Moody Augmented reserves resulting from significant operating surpluses over past five years., Jacksonville Health Facilities Authority, Fla., revenue bonds (Ascension Health Credit Group) 49, 300 AA-plus AA Fitch Strong and improving financial profile, exceptional management practices, geographic diversity., Littlefield (City), Tex., combination tax & revenue certificates of obligation, Series 1997 1, 600 BB-plus BBB-plus Fitch Significant weakening in financial position., Louisiana Local Government Environmental Facilities & Community Development Authority, housing revenue bonds, Senior Series 2003 A&B (Oakleigh Apartments) 13, 260* Baa3 Baa1 Moody Debt service coverage considerably below underwritten level, continued conflict between property owner and manager., Louisiana Local Government Environmental Facilities & Community Development Authority, housing revenue bonds, Junior Series 2003C (Oakleigh Apartments) 13, 260* Ba1 Baa3 Moody Debt service coverage considerably below underwritten level, continued conflict between property owner and manager., Madison County School District No. 321, Idaho, general obligation bonds 2, 400 Baa1 A3 Moody Recent trend of declining reserves, high debt burden with slow payout., Maricopa County Industrial Development Authority, Ariz., revenue bonds (Catholic Healthcare West) 406, 255 A A-minus S&P Track record over past six years of continued operating improvement and strong cash flow, continued growth in liquidity despite significant reinvestment in existing facilities and new expansion., Maryland Industrial Development Financing Authority, revenue bonds (Trinity Health) 41, 200 Aa2 Aa3 Moody Augmented reserves resulting from significant operating surpluses over past five years., Massapequa Union Free School District, N.Y., general obligation bonds 36, 400 Aa3 A1 Moody Augmented reserves resulting from significant operating surpluses over past five years., Michigan State Hospital Finance Authority, revenue bonds (Trinity Health) 856, 400 Aa2 Aa3 Moody Augmented reserves resulting from significant operating surpluses over past five years., Michigan State Hospital Finance Authority, revenue bonds (Ascension Health Credit Group) 1, 910 AA-plus AA Fitch Strong and improving financial profile, exceptional management practices, geographic diversity., Michigan State Hospital Finance Authority, revenue bonds (Ascension Health Subordinate Credit Group) 148, 975 AA AA-minus Fitch Strong and improving financial profile, exceptional management practices, geographic diversity., Missouri Health & Education Facilities Authority, revenue bonds (Ascension Health Credit Group) 295, 375 AA-plus AA Fitch Strong and improving financial profile, exceptional management practices, geographic diversity., Mobile Special Care Facilities Financing Authority, Ala., revenue bonds (Ascension Health Credit Group) 105, 700 AA-plus AA Fitch Strong and improving financial profile, exceptional management practices, geographic diversity., Montgomery County, revenue bonds (Trinity Health) 82, 100 Aa2 Aa3 Moody Augmented reserves resulting from significant operating surpluses over past five years., Nacogdoches Independent School District, Tex., general obligation bonds 27, 500 A3 Baa1 Moody Notably improved financial position, solid tax base growth, manageable debt burdens., Nashville & Davidson County Health & Educational Facilities Board, Tenn., revenue bonds (Ascension Health Credit Group)181, 500 AA-plus AA Fitch Strong and improving financial profile, exceptional management practices, geographic diversity., Niagara Falls (City), N.Y., general obligation bonds 21, 900 Baa3 Ba1 Moody Modest tax base growth over past three years, stable financial operations, markedly improved liquidity, significantly improved debt position., Northern Municipal Power Agency, Minn., electric system revenue bonds 323, 856 A-minus A S&P Fluctuations in consolidated financial measures of NMPA with Minnkota due to outage cost deferrals, uncertainty regarding costs and efficacy of environmental controls., Pottsville Hospital Authority, revenue bonds (Ascension Health Credit Group) 8, 500 AA-plus AA Fitch Strong and improving financial profile, exceptional management practices, geographic diversity., Remington Municipal Utility District No. 1, Tex., general obligation bonds 9, 215 BBB BBB-minus S&P District's completed development, rapid property tax base growth., Sturgis (City), Mich., water supply & distribution system bonds 950 BB-plus BB S&P Improving financial profile., Susquehanna Area Regional Airport Authority, senior airport system revenue bonds 133, which reduced legal protection for senior lien debt., Texas Health Resources, revenue bonds 996, 000 Aa3 A1 Moody Continued improvement in financial and balance sheet measures, leading market position in competitive Dallas-Fort Worth market., Travis County Health Facilities Development Corp., Tex., revenue bonds (Ascension Health Credit Group) 64, 745 AA-plus AA Fitch Strong and improving financial profile, exceptional management practices, geographic diversity., Upland Community Redevelopment Agency, Calif., tax allocation refunding bonds (Project A Merged Project) 15, 000 A A-minus S&P Solid taxpayer diversity, annexation of property that more than doubled project area's size., Waco Health Facilities Development Corp., Tex., revenue bonds (Ascension Health Credit Group) 5, 010 AA-plus AA Fitch Strong and improving financial profile, exceptional management practices, geographic diversity., Wisconsin Health & Educational Facilities Authority, revenue bonds (Ascension Health Credit Group) 59, 025 AA-plus AA Fitch Strong and improving financial profile, exceptional management practices, geographic diversity.
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by April 27-29, The National Association of Local Housing Finance Agencies will hold its, Urban Renaissance Revitalizing, at the Omni Hotel in Atlanta. For more information or to, May 2-5, The National Federation of Municipal Analysts will host its 23d Annual, Conference at the Loews Santa Monica Hotel in Santa Monica, Calif. For, further information contact Lisa Good at 412-341-4898 or lgood&lt, at&gt, nfma.org., May 4-5, The California Debt and Investment Advisory Commission will hold two, half-day workshops on Current Practice in Assessing and Using Developer, Fees., The first will be held May 4 in Ontario, Calif., and the second on May 5 in, Sacramento. The workshops will assist local communities in building, cooperative relationships with developers and achieving their development, plans. For more information or to register contact Tuan Do at 916-653- *6046-, or tdo&lt, at&gt, treasurer.ca.gov., May 7-10, The Government Finance Officers Association will host its 100th annual, conference at the Montreal Convention Center in Quebec. The gathering will, bring together over 4, 000 public sector accounting and finance, practitioners, to gain knowledge from leading industry experts, theorists, and each, other. For more information or to register call 312-977- *9700-, e-mail, conference&lt, at&gt, May 10, The California Debt and Investment Advisory Commission will host its 5th, annual CDIAC Tools to Revitalize California Communities in Los Angeles. The, event will highlight various financing tools to assist California, communities, with economic development. For more information or to register contact Tuan, Do at 916-653-6046 or tdo&lt, at&gt, treasurer.ca.gov., May 10, The National Association of Bond Lawyers will host a teleconference with, the IRS from 1:00-2:30 p.m. Eastern Standard Time on new audit initiative, at&gt, nabl.org., May 11, The Municipal Forum of New York will host its 17th Annual Award and Urban, Leadership Fellows Fundraising Dinner at the Marriott Marquis Hotel in New, York City. Net proceeds of the event will sponsor students to participate, the forum's intern and college scholarship programs. For more information, to register contact Paul Lamas at 212-344-2500 or, plamas&lt, at&gt, roosevelt-cross.com., May 11-12, The Council of Infrastructure Financing Authorities will host its 18th, Annual Washington Federal Policy Conference at the Wyndham Washington, D.C.,, hotel, focusing on developments in Congress and the executive branch, concerning state revolving funds, infrastructure financing, and tax and, environmental policy. For more information or to register call 202-973- *3100-, May 15-16, NASD will hold a portfolio management course at the Coleman Center in New, York City. For more information or to register contact Jerome McKinney at, 212-858-4119 or jerome.mckinney&lt, at&gt, nasd.com., May 18, The Bond Market Association will host its 30th anniversary reception, dinner at Cipriani's 42nd Street in New York City, with former Federal, Reserve Board chairman Alan Greenspan as guest speaker. For more, information, May 19, The California Debt and Investment Advisory Commission will hold a, at City Hall, in San Jose. This is the third course in a series of CDIAC's debt, administration seminars. For more information or to register contact Tuan, at 916-653-6046 or tdo&lt, at&gt, treasurer.ca.gov., May 19, The Bond Market Association will hold its 2006 annual meeting at the, Waldorf-Astoria Hotel in New York City. Guest speakers include Treasury, undersecretary for domestic finance Randal Quarles and Federal Reserve Bank, of New York president Timothy Geithner. For more Information or to register, May 21-24, Pennsylvania GFOA will host its 2006 State Conference at the Nittany Lion, Inn in State College, Pa. For more information or to register contact Bruce, Koller at 610-437-3366 or koller&lt, at&gt, allentownparking.com., May 31-June 2, The Council of Development Finance Agencies will host its 20th Annual, Development Finance Summit at the Hilton Austin Hotel in Austin, Tex. For, June 5-9, NASD will a host a weeklong program on recent regulatory topics at the, Coleman Center in New York City. For more information or to register, contact, Jerome McKinney at 858-4119 or jerome.mckinney&lt, at&gt, nasd.com., June 8-10, The Carolinas Municipal Advisory Council will host its sixth annual joint, meeting of the Bond Club of Virginia and the Securities Dealers of the, Carolinas at the Wild Dunes Resort in Isle of Palm, S.C. For more, information or to register contact Amy Taylor at 919-661-9477 or, Amy&lt, at&gt, carolinasmac.com., June 29, NASD will host a 90-minute Municipal and TRACE Transaction Reporting, Teleconference for member firms starting at noon eastern time. E-mail any, questions you would like speakers to address to, at&gt, nasd.com. You must pre-register by June 26 at, conference ID 807 *0642-, passcode 7832078. If you have any questions call 202-728-8280.
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by verage Municipal Bond Yields -- Compiled Weekly, 20-Bond 11-Bond 25-Bond 10-Year 30-Year, GO Index1 GO Index1 Revenue2 Treasury3 Treasury3, *2006-, FEB 9 4.42 4.34 5.14 4.54 4.64, 2 4.43 4.36 5.17 4.57 4.70, JAN 26 4.42 4.35 5.15 4.52 4.70, 19 4.33 4.26 5.08 4.37 4.54, 12 4.37 4.29 5.11 4.41 4.59, 5 4.35 4.28 5.09 4.35 4.54, *2005-, DEC 29 4.38 4.31 5.11 4.36 4.52, 22 4.42 4.35 5.15 4.43 4.61, 15 4.48 4.41 5.19 4.47 4.67, 8 4.49 4.42 5.20 4.46 4.67, 1 4.53 4.46 5.23 4.51 4.72, NOV 22 4.51 4.44 5.20 4.43 4.66, 17 4.52 4.45 5.21 4.46 4.65, 9 4.61 4.54 5.24 4.64 4.83, 3 4.63 4.55 5.24 4.64 4.84, OCT 27 4.56 4.49 5.21 4.56 4.77, 20 4.47 4.40 5.13 4.45 4.67, 13 4.51 4.43 5.11 4.47 4.70, 6 4.44 4.36 5.06 4.37 4.59, SEP 29 4.39 4.31 5.04 4.29 4.52, 22 4.30 4.23 4.98 4.18 4.47, 15 4.30 4.23 4.96 4.22 4.51, 8 4.26 4.19 4.87 4.14 4.42, 1 4.18 4.11 4.83 4.02 4.29, AUG 25 4.25 4.18 4.87 4.16 4.37, 18 4.27 4.21 4.88 4.21 4.42, 11 4.37 4.30 4.93 4.34 4.53, 4 4.38 4.31 4.90 4.33 4.52, JUL 28 4.31 4.23 4.86 4.20 4.40, 21 4.36 4.29 4.87 4.28 4.50, 14 4.30 4.23 4.84 4.18 4.41, 7 4.27 4.19 4.82 4.05 4.30, JUN 30 4.24 4.16 4.77 3.93 4.20, 23 4.23 4.16 4.76 3.96 4.25, 16 4.31 4.24 4.83 4.08 4.38, 9 4.21 4.13 4.75 3.96 4.23, 2 4.18 4.10 4.72 3.89 4.23, MAY 26 4.24 4.17 4.78 4.08 4.43, 19 4.25 4.18 4.81 4.11 4.44, 12 4.35 4.27 4.87 4.17 4.52, 5 4.38 4.30 4.84 4.16 4.59, APR 28 4.37 4.29 4.83 4.17 4.51, 21 4.42 4.34 4.89 4.30 4.64, 14 4.49 4.41 4.98 4.36 4.71, 7 4.56 4.48 5.02 4.47 4.79, MAR 31 4.61 4.52 5.03 4.49 4.76, 24 4.63 4.55 5.04 4.60 4.86, 17 4.56 4.47 4.99 4.46 4.75, 10 4.57 4.49 5.02 4.47 4.76, 3 4.50 4.42 4.96 4.38 4.74, FEB 24 4.42 4.34 4.93 4.29 4.67, 17 4.35 4.27 4.88 4.19 4.58, 10 4.27 4.19 4.79 4.07 4.46, (1) General obligation bonds maturing in 20 years are used in compiling, these indexes. The 20-bond index has an average rating equivalent to, Moody's, Aa2 and S&P's AA, while the 11-bond index is equivalent to Aa1 and AA-plus., (No average Fitch rating is provided because Fitch does not rate two of the, bonds.) The 11 bonds used in the higher-grade index are marked with an, asterisk., Moody's, Fitch Moody's, Fitch Moody's, Fitch, Baltimore, Md. A1, A+ Houston, Tex. Aa3, AA- *Pennsylvania, California A2, A *Memphis, Tenn. Aa2, AA- *Phoenix, Ariz., Chicago, Ill A1, AA- Milwaukee, Wis. Aa2, AA+ Puerto Rico, Baa2, Dade Co., Fla. Aa3, A+ *New Jersey Aa2, AA- *Seattle, Wash. Aaa, *Denver, Colo. Aa1, AA+ New York City A1, A+ *South, Carolina Aaa, *Florida Aa1, AA+ New York State Aa3, AA- *Washington Aa1, *Georgia Aaa, AAA *North Carolina Aa1, (2) Revenue bonds maturing in 30 years are used in compiling this index., It has an average rating equivalent to Moody's A1 and S&P's A-plus. (No, average Fitch rating is provided because Fitch does not rate seven of the, bonds.) The bonds and their ratings are:, Moody's S&P Fitch, Atlanta, Ga., airport (AMT) A1 A+ A+, California Housing Finance Agency, multi-unit rental (AMT) Aa2 A+ NR, Connecticut Housing Finance Authority Aaa AAA NR, Dallas-Fort Worth International Airport Board, Tex. (AMT) A1 A+ A+, Energy Northwest (formerly WPPSS), Wash., power revenue Aa1 AA- AA-, Illinois Health Facilities Authority (Northwestern Memorial Hospital), Aa2 AA+ NR, Illinois Housing Development Authority, multifamily A1 A+ A+, Intermountain Power Agency, Utah A1 A+ AA-, JEA (formerly Jacksonville Electric Authority), Fla. electric revenue, Aa2 AA AA, Kentucky Turnpike Authority Aa3 AA- AA-, Los Angeles Department of Water and Power, Calif., electric revenue Aa3, A+ AA-, Maricopa Co. Industrial Development Authority, Ariz. (Samaritan Health, Service) Baa1 BBB NR, Massachusetts Port Authority (AMT) Aa3 AA- AA-, MEAG Power (formerly Municipal Electric Authority of Georgia) A2 AA-, Nebraska Public Power District, power supply A1 A+ A+, New Jersey Turnpike Authority, turnpike revenue A3 A A, New York State Local Government Assistance Corp., revenue A3 AA- A+, New York State Power Authority, general purpose Aa2 AA- AA, North Carolina Municipal Power Agency No. 1, Catawba electric revenue, Baa1 BBB+ A-, Port Authority of New York and New Jersey, consolidated (AMT) A1 AA- AA-, Puerto Rico Electric Power Authority Baa1 A- NR, Salt River Project Agricultural Improvement and Power District, Ariz., electric revenue Aa2 AA NR, South Carolina Public Service Authority, electric revenue Aa2 AA- AA, Texas Municipal Power Agency A2 A+ A, Virginia Housing Development Authority (AMT) Aa1 AA+ NR, (3) Yield on the most current U.S. Treasury 10-year note and 30-year, Treasury bond (Sources: GovPX Inc., Garvin GuyButler).
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by Rich SaskalStandard & Poor's reinstated its credit ratings on outstanding Richmond, Calif., debt Thursday, raising it to investment grade and assigning the, city, a BBB-plus issuer credit rating., The ratings had been downgraded to speculative grade and suspended in, January 2004 because of incomplete financial information. Standard & Poor's, restored its outstanding ratings following the San Francisco Bay Area, city's, release of audited financial statements for fiscal years 2004 and *2005-, said, analyst Paul Dyson., Standard & Poor's issued its first ever issuer credit rating for the city, government at Richmond's request, BBB-plus issuer credit rating., Standard & Poor's reinstated ratings on three outstanding bond issues:, Series 1995A Richmond Joint Powers Financing Authority refunding revenue, bonds, 1999 joint powers financing authority port terminal lease revenue, bonds, and a 1999 series of wastewater bonds issued by the city. Those, ratings were reinstated Thursday at BBB, an upgrade from the BB rating that, Standard & Poor's assigned before it suspended its ratings in 2004., The suspension followed a financial crisis that developed in *2003-, culminating with the city's 2004 announcement that its general fund revenue, for fiscal 2003 had come in more than $14 million shy of expenditures., In assigning Richmond an investment-grade rating, Standard & Poor's cited, improved financial management practices, substantial cuts to personnel, spending through layoffs and labor concessions, and voter adoption of a, half-cent sales tax to improve revenues., Moody's Investors Service, which had dropped Richmond's credits to, speculative grade during the crisis, upgraded the city's issuer rating to, Baa2 from Ba3 in January 2005. Fitch Ratings does not assign underlying, ratings to Richmond debt.
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by Fitch Moody's, Fitch Moody's, Fitch Baltimore, Md. A1, A+ Houston, Tex. Aa3, AA- *Pennsylvania Aa2, AA California A2, A *Memphis, Tenn. Aa2, AA- *Phoenix, Ariz. Aa1, NR Chicago, Ill A1, AA- Milwaukee, Wis. Aa2, AA+ Puerto Rico Baa2, NR Dade Co., Fla. Aa3, A+ *New Jersey Aa2, AA- *Seattle, Wash. Aaa, AAA *Denver, Colo. Aa1, AA+ New York City A1, A+ *South Carolina Aaa, AAA *Florida Aa1, AA+ New York State Aa3, AA- *Washington Aa1, AA *Georgia Aaa, AAA *North Carolina Aa1, airport (AMT) A1 A+ A+ California Housing Finance Agency, multi-unit rental (AMT) Aa2 A+ NR Connecticut Housing Finance Authority Aaa AAA NR Dallas-Fort Worth International Airport Board, Tex. (AMT) A1 A+ A+ Energy Northwest (formerly WPPSS), Wash., power revenue Aa1 AA- AA- Illinois Health Facilities Authority (Northwestern Memorial Hospital) Aa2 AA+ NR Illinois Housing Development Authority, multifamily A1 A+ A+ Intermountain Power Agency, Utah A1 A+ AA- JEA (formerly Jacksonville Electric Authority), Fla. electric revenue Aa2 AA AA Kentucky Turnpike Authority Aa3 AA- AA- Los Angeles Department of Water and Power, Calif., electric revenue Aa3 A+ AA- Maricopa Co. Industrial Development Authority, Ariz. (Samaritan Health Service) Baa1 BBB NR Massachusetts Port Authority (AMT) Aa3 AA- AA- MEAG Power (formerly Municipal Electric Authority of Georgia) A2 AA- Nebraska Public Power District, power supply A1 A+ A+ New Jersey Turnpike Authority, turnpike revenue A3 A A New York State Local Government Assistance Corp., revenue A3 AA- A+ New York State Power Authority, general purpose Aa2 AA- AA North Carolina Municipal Power Agency No. 1, Catawba electric revenue Baa1 BBB+ A- Port Authority of New York and New Jersey, consolidated (AMT) A1 AA- AA- Puerto Rico Electric Power Authority Baa1 A- NR Salt River Project Agricultural Improvement and Power District, Ariz., electric revenue Aa2 AA NR South Carolina Public Service Authority
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by Compiled by Matthew KrepsISSUER AMOUNT CHANGE, BOND ($000S) TO FROM NAME COMMENTS, ABAG Finance Authority for Nonprofit Corporations, Calif., revenue bonds, Series 1997 (American Baptist Homes of the West) 71, 525 BBB-minus BB-plus S&P Significant improvement in financial performance and balance sheet measures in FY 2006 and YTD 2006., Alexandria Redevelopment & Housing Authority, multifamily housing bonds, Senior Series 1996A (Pershing Drive Associates) 22, 515 AA AA-minus S&P Strong and consistently high debt service coverage, low property loan to value, strong occupancy rate, favorable location., Alexandria Redevelopment & Housing Authority, multifamily housing bonds, Series 1998B (Buckingham Village Apartments)8, 115 A-plus A S&P Strong and consistently high debt service coverage, low property loan to value, strong occupancy rate, favorable location., Brownsville Independent School District, Tex., general obligation (unlimited tax & limited tax) bonds 99, 300 A1 A2 Moody Healthy financial operations, manageable debt burden, large and expanding tax base., California Infrastructure & Economic Development Bank, revenue bonds (Salvation Army Western Territory) (underlying rating) n.a. Aa3 A1 Moody Strengthened financial resources, improved operating performance., Clark County, Ohio, senior living revenue bonds (Ohio Masonic Home) 20, 770 A-plus AA-minus S&P Mounting competitive, economic, and financial operating pressures, leading to weakening demand and large ongoing operating losses., Davis County, Utah, sales tax revenue bonds 8, 325 AAA AA-plus S&P Very strong coverage of future maximum annual debt service frompledged sales tax revenues, coverage provided by tourism taxes, strong 2.0x additional bonds test, robust local economy., Hidalgo County, Tex., general obligation bonds 120, 800 A1 A2 Moody Substantial and growing tax base, improved financial operations, low debt burdens., Hillsborough County Aviation Authority, Fla., revenue bonds 678, 000 Aa3 A1 Moody Tampa International Airport's strong growth in enplanements, net revenues, and liquidity., Hudson County, N.J., general obligation bonds 490, 000 A-plus A Fitch Continued growth in tax base, consistent reserve levels, stabilization of current political situation., Illinois Finance Authority, revenue bonds (CGH Medical Center) 11, 355 BBB-plus A-minus S&P Weakened balance sheet due to new bond issuance, flat volumes, limited and concentrated local economic base., Jasper County School District, S.C., general obligation bonds 27, 500 A3 Baa1 Moody Improved financial position, expected continued growth in tax base., Kinston Housing Authority, N.C., Section 8-assisted housing revenue bonds, Series 1994 (Kinston Towers Project) 3, 155 B BB S&P Debt service coverage below 1.0x level for past three years, contract rent above fair market rents, decline in net rent, increase in expenses, no rent increase since *2002-, debt service reserve fund funded at only six months' maximum annual debt service., Lakewood City School District, Ohio, general obligation bonds 74, 915 AA-minus A-plus S&P Improved financial condition., Langham Creek Utility District, Tex., general obligation bonds 8, 855 BBB-plus BBB S&P District's essentially completed development, solid mixed-use property tax base that has only minimal additional capital needs., Los Osos Community Services District Wastewater Assessment District No. 1, Calif., limited obligation improvement bonds 17, 990 C CCC S&P Recent Chapter 9 bankruptcy filing, indication of need to draw on debt service reserve fund to make Sept. 2 debt service payment., Lovejoy Independent School District, Tex., general obligation bonds 35, 905 A1 A2 Moody Sound tax base growth, favorable socioeconomic profile, ample reserves., Lovejoy Independent School District, Tex., general obligation bonds 11, 900 A-plus A S&P Expanding economic and property tax bases, management's ability to maintain strong operational performance while managing sizable transitional expenditures., Maricopa County School District No. 216 (Aqua Fria Union High), Ariz., general obligation bonds 55, 700 A2 A3 Moody Sizable and rapidly growing tax base, above-average wealth levels, moderate debt profile, improved financial reserves., Martin County, Minn., general obligation bonds 1, 600 A2 A3 Moody Satisfactory tax base growth, solid financial operations, favorable debt profile., Miami Beach Housing Authority, Fla., Section 8-assisted first mortgage elderly revenue refunding bonds, Series 1995 (Rebecca Towers) 2, 035 BB BB-plus S&P Decline in debt service coverage below 1.0x level, increase in expenses, decrease in occupancy., Missouri State Health & Educational Facilities Authority, revenue bonds (Sisters of Mercy Health System)507, 000 Aa2 Aa1 Moody Fundamental change from historic profile, including less diversification of cash flow across facilities through downsizing, continuation of moderate margins, declining days' cash on hand., Orlando (City), Fla., wastewater revenue bonds 109, 450 AA AA-minus S&P System's ability to maintain strong financial operations as it continues to grow, consistently strong debt service coverage and liquidity, sufficient capacity to accommodate growth through *2020-, competitive user and impact fees, manageable capital plan., Platte County Reorganized School District No. R-3, general obligation bonds 27, 255 AA AA-minus S&P Growing tax base, continued strong financial operations., Roanoke (City), Tex., general obligation bonds 16, 100 A2 A3 Moody Robust tax base growth, improved financial position, rising wealth levels., Sierra View Local Healthcare District, Calif., revenue bonds 36, 259 A-minus BBB-plus S&P Sound operating results over past five years, robust cash flow, solid balance sheet., South Barry County Hospital District, revenue bonds (Sisters of Mercy Health System) 1, 770 Aa2 Aa1 Moody Downgrade of Sisters of Mercy, which provides unconditional guaranty for bonds, to Aa2 from Aa1., Western Reserve Masonic Community Inc., senior living revenue bonds (Ohio Masonic Home) 10, 575 A-plus AA-minus S&P Mounting competitive, economic, and financial operating pressures, leading to weakening demand and large ongoing operating losses.
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by May 4-5, The California Debt and Investment Advisory Commission will hold two, half-day workshops on Current Practice in Assessing and Using Developer, Fees. The first will be held May 4 in Ontario, Calif., and the second on, May 5 in Sacramento. The workshops will assist local communities in, building cooperative relationships with developers and achieving their, development plans. For more information or to register contact Tuan Do at, 916-653-6046 or tdo&lt, at&gt, treasurer.ca.gov., May 7-10, The Government Finance Officers Association will host its 100th annual, conference at the Montreal Convention Center in Quebec. The gathering will, bring together over 4, 000 public sector accounting and finance, practitioners to gain knowledge from leading industry experts, theorists, and each other. For more information or to register call 312-977- *9700-, e-mail conference&lt, at&gt, May 10, The Toppers Kickoff Party with cocktails and hors d'oeuvres will be held, from 6 to 9 p.m. at Butterfield 8 at 5 East 38th Street in Manhattan., Toppers is an association of young muni professionals. Admission is $20 at, the door. RSVP at Committee&lt, at&gt, MuniToppers.com., May 10, The California Debt and Investment Advisory Commission will host its 5th, annual CDIAC Tools to Revitalize California Communities in Los Angeles., The event will highlight various financing tools to assist California, communities with economic development. For more information or to register, contact Tuan Do at 916-653-6046 or tdo&lt, at&gt, treasurer.ca.gov., May 10, The National Association of Bond Lawyers will host a teleconference with, the IRS from 1:00-2:30 p.m. Eastern Standard Time on new audit initiative, at&gt, nabl.org., May 11, The Municipal Forum of New York will host its 17th Annual Award and Urban, Leadership Fellows Fundraising Dinner at the Marriott Marquis Hotel in New, York City. Net proceeds of the event will sponsor students to participate, in the forum's intern and college scholarship programs. For more, information or to register contact Paul Lamas at 212-344-2500 or, plamas&lt, at&gt, roosevelt-cross.com., May 11-12, The Council of Infrastructure Financing Authorities will host its 18th, Annual Washington Federal Policy Conference at the Wyndham Washington, D.C., hotel, focusing on developments in Congress and the executive branch, concerning state revolving funds, infrastructure financing, and tax and, environmental policy. For more information or to register call, May 15-16, NASD will hold a portfolio management course at the Coleman Center in New, York City. For more information or to register contact Jerome McKinney at, 212-858-4119 or jerome.mckinney&lt, at&gt, nasd.com., May 18, The Bond Market Association will host its 30th anniversary reception, dinner at Cipriani's 42nd Street in New York City, with former Federal, Reserve Board chairman Alan Greenspan as guest speaker. For more, information contact Debbie Devine at 646-637-9289 or visit, May 19, The California Debt and Investment Advisory Commission will hold a, at City, Hall in San Jose. This is the third course in a series of CDIAC's debt, administration seminars. For more information or to register contact Tuan, Do at 916-653-6046 or tdo&lt, at&gt, treasurer.ca.gov., May 19, The Bond Market Association will hold its 2006 annual meeting at the, Waldorf-Astoria Hotel in New York City. Guest speakers include Treasury, undersecretary for domestic finance Randal Quarles and Federal Reserve, Bank of New York president Timothy Geithner. For more Information or to, May 21-24, Pennsylvania GFOA will host its 2006 State Conference at the Nittany Lion, Inn in State College, Pa. For more information or to register contact, Bruce Koller at 610-437-3366 or koller&lt, at&gt, allentownparking.com., May 31-June 2, The Council of Development Finance Agencies will host its 20th Annual, Development Finance Summit at the Hilton Austin Hotel in Austin, Tex. For, June 5-9, NASD will a host a weeklong program on recent regulatory topics at the, Coleman Center in New York City. For more information or to register, contact Jerome McKinney at 858-4119 or jerome.mckinney&lt, at&gt, nasd.com., June 8-10, The Carolinas Municipal Advisory Council will host its sixth annual joint, meeting of the Bond Club of Virginia and the Securities Dealers of the, Carolinas at the Wild Dunes Resort in Isle of Palm, S.C. For more, information or to register contact Amy Taylor at 919-661-9477 or, Amy&lt, at&gt, carolinasmac.com., June 29, NASD will host a 90-minute Municipal and TRACE Transaction Reporting, Teleconference for member firms starting at noon eastern time. E-mail any, questions you would like speakers to address to, at&gt, nasd.com. You must pre-register by June 26 at, conference ID 807 *0642-, and passcode 7832078. If you have any questions call 202-728-8280., The Bond Buyer is pleased to list the activities of groups and, organizations. To have an activity added to the calendar, please write to, Sorayi Cuevas, calendar editor, at The Bond Buyer, One State Street Plaza, New York, N.Y. 10004 or call 212-803-8460 or fax 212-843-9614 or e-mail, sorayi.cuevas&lt, at&gt, sourcemedia.com.
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by New Jersey will have the week's largest deal, as it plans to sell $1.75 billion of one-year tax and revenue anticipation notes Wednesday., The one-year notes are rated MIG-1 by Moody's, SP1-plus by Standard & Poor's, and F1-plus by Fitch., The notes were priced with a 41, 2 coupon to yield a 3.40% on the first day of the retail order period., Market participants said the California deal will be a bit of a food fight since it is noticeably smaller than in previous years and there is heavy retail demand for California paper lately., With over a significant amount of the deal expected to be spoken for by retail investors, there will be little for institutional investors after the two-day order period, according to Todd Pardula, a vice president and fund manager at American Century Investments in Mountain View, Calif., who manages a $530 million California money market fund., He expects the deal will do well, especially since the 15 basis point spread between California notes and floaters and the national market is unusually wide due to the heavy investor appetite lately., Jim Rutzen, a short-term fund manager at Wells Capital Management in Minneapolis, said the California and New Jersey deals should be highly sought after because they are the first large note deals since a $4.6 billion Texas Tran deal debuted in August., He said there could be a possibility that the California deal could end up being repriced lower than a 3.40% yield due to the strong retail demand, Rutzen said, citing the Texas Tran deal as the last deal that garnered widespread market attention., Elsewhere in the Golden State, and $267.2 million of Series 2006K maturing from 2021 to 2042. Merrill Lynch & Co. will price the Financial Guaranty Insurance Co.-insured bonds on Thursday after a retail order period Wednesday., Additionally, Goldman, Sachs & Co. is expected to price the larger negotiated deal on Wednesday, following a two-day retail order period scheduled for today and tomorrow. The bonds are rated Aa2 by Moody's, AAA by Standard & Poor's, and AA-plus by Fitch., Meanwhile, the Arizona Board of Transportation will sell $311.3 million of highway revenue debt in a deal that Citigroup Global Markets Inc. will price tomorrow., The deal, which is structured with serial bonds maturing from 2012 to *2026-, is rated Aa1 by Moody's and AAA by Standard & Poor's., In Ohio, two sizable deals will deliver over $500 million of new debt to the primary market. The larger of the two deals. a $305 million sale of Columbus Public Schools general obligation bonds, is expected to price Thursday by JPMorgan., The district's outstanding GO debt is rated Aa3 by Moody's and AA-minus by Standard & Poor's, but other details, such as the structure and the possibility of insurance, had not yet been determined as of press time on Friday, according to a JPMorgan underwriter., In addition, and the deal is structured to mature from 2007 to 2026., The Ohio deals will arrive on the heels of two other sizable deals, including a $110.3 million Ohio Building Authority state facilities revenue bond and refunding sale that was FGIC-insured, and a $380 million Cincinnati Public Schools sale of classroom facilities construction and improvement refunding bonds., The building authority deal contained a final 2018 maturity that carried a 5% coupon priced to yield 3.94%, while the Cincinnati school deal, which was also FGIC-insured, had a final maturity in 2031 with a 51, 4 coupon that was priced to yield 4.22% by Seasongood & Mayer LLC last Thursday., A decline in Ohio issuance this year combined with strong demand from cash-flush investors translated into a successful deal for the Cincinnati school district, and should drive the new Ohio deals this week, according to Bruce Chaiken, a principle and municipal trader at Seasongood & Mayer., He said his firm's Cincinnati deal last week had wide distribution, was repriced with lower yields, and had no balances due to the strong demand from national buyers who seek out Ohio paper for their portfolios because of its high quality and liquidity value., probably two of the biggest school deals Ohio has seen in two years, Chaiken, who added that his firm's Cincinnati school deal last week refunded a 2003 issue that was sold in the fall of 2003 and was one of the last school deals in Ohio sized at over $300 million., which is structured to mature from 2008 to *2027-, is rated Aa2 by Moody's
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by Compiled by Matthew KrepsISSUER AMOUNT CHANGE, BOND ($000S) TO FROM NAME COMMENTS, Albuquerque Bernalillo County Water Authority, N.M., joint water& sewer system revenue bonds 429, 000 Aa2 Aa3 Moody Positive economic growth within service area, favorable management policies, aggressive capital plan, good legal covenants., Barker-Cypress Municipal Utility District, Tex., general obligation bonds 3, 550 BBB BBB-minus S&P Continued tax base growth, moderation of debt levels., Burlington (City), N.C., general obligation bonds 27, 535 AA-minus A-plus S&P Growth and diversification of city's economy, increasing property and sales tax revenues, strong management of transition in economic structure., Burlington (City), N.C., certificates of participation (Water & Sewer System Project) 14, 865 A-plus AA-minus S&P Administrative error correction., California State University, systemwide revenue bonds 203, California State University, student union revenue bonds 77, California Statewide Communities Development Authority, certificates of participation (Citrus Valley Health Partners) 61, 935 BB-plus BB S&P Second consecutive year of profitable and improving operating performance in FY *2005-, leading market position, strengthening balance sheet., Cloquet (City), Minn., general obligation bonds 4, 300 A2 A3 Moody Growing economy, ample reserve levels, low debt levels., Denver (City & County), Colo., airport system revenue bonds (Denver International Airport) 3, 000 A1 A2 Moody Continued growth in enplanements, improving area economy., DuPage County School District No. 63 (Cass), Ill., general obligation bonds 4, 463 A-plus AA S&P Imbalance in financial operations that has substantially reduced cash reserves., Franklin County Public Utilities District No. 1, Wash., electric revenue bonds 56, 660 A-minus BBB-plus S&P Increased reserve levels, maintenance of strong debt service coverage in the face of a 38% surge in debt service requirements in 2005 and adverse hydrological conditions., Franklin Township School District, N.J., general obligation bonds 54, 200 Aa3 Aa2 Moody Narrowed reserves following transfer of funds out of General Fund, spend-down of monies in Capital Reserve Fund to complete capital projects., Greater Chicago Metropolitan Water Reclamation District, Ill., general obligation bonds 1, 375 AAA AA-plus S&P Substantial tax base growth, maintenance of strong financial operations as progress is made toward completing $3.1 billion Deep Tunnel capital project., Iowa Finance Authority, revenue bonds (Iowa Health System) 495, 000* Aa3 A1 Moody Largest health care system in Iowa with strong geographic diversity and market position, increasing system volumes and operating cash flows, stable balance sheet, operating profitability in all 7 markets., Illinois Health Facilities Authority, revenue bonds (Iowa Health System) 495, 000* Aa3 A1 Moody Largest health care system in Iowa with strong geographic diversity and market position, increasing system volumes and operating cash flows, stable balance sheet, operating profitability in all 7 markets., Lake County School District No. 79 (Fremont), Ill., general obligation bonds 33, 200 Aa3 A1 Moody Growing and affluent service area, moderate debt position with favorable direct debt structure., Lee County Industrial Development Authority, Fla., revenue bonds, Series 2003 A&B (Legacy at Lehigh Project) 8, 075 Caa3 B2 Moody Only partial interest payment made on June 1 payment date, likelihood that debt service may not be paid in full on Dec. 1., Madera County, Calif., refunding certificates of participation, Series 2003 (Madera Community Hospital) 2, 330 BB-plus BBB-minus S&P Planned debt issuance that would further strain a balance sheet already hampered by weak days' cash on hand position., Miami County, Ohio, revenue bonds (Upper Valley Medical Center) 40, 462 A-minus BBB-plus S&P Strengthened balance sheet, minimal immediate service area competition, continued improvement in quality and stability of earnings., Montgomery County, Tex., general obligation bonds 149, 300 Aa3 A1 Moody Rapid tax base expansion, positive socioeconomic indicators, strong financial management., Morehouse Parish School District No. A, general obligation bonds 14, 350 BBB-minus BBB S&P Substantial erosion in district's general fund position, documented poor financial management practices., Moriarty Municipal School District No. 8 (Torrance County), N.M., general obligation bonds 21, 300 Baa1 A3 Moody Weakened financial position with General Fund that has become structurally imbalanced, declining reserves, loss of state revenues due to declining enrollment., New Hampshire Municipal Bond Bank, state revolving fund bonds, Series 2005 D 47, 505 AA AA-minus S&P Underlying credit profile of loan repayment stream, default tolerance that meets S&P state revolving fund criteria for 'AA' programs., Northfield Township Building Authority, Mich., limited tax general obligation bonds, Series 2003 (Northfield Township) 3, 000 BBB BBB-plus S&P Relatively higher impairment of limited-tax debt service due to township's projected weakened financial condition., Panhandle Regional Housing Finance Corp., Tex., multifamily housing revenue bonds, Senior Series 2000 A (Canterbury, Three Fountains, River Falls, Puckett Place Apartments) n.a. Baa3 Baa1 Moody Continuing decline in properties' financial performance., Panhandle Regional Housing Finance Corp., Tex., multifamily housing revenue bonds, Subordinate Series 2000 C (Canterbury, Three Fountains, River Falls, Puckett Place Apartments) n.a. Ba2 Ba1 Moody Continuing decline in properties' financial performance., Panhandle Regional Housing Finance Corp., Tex., multifamily housing revenue bonds, Junior Subordinate Series 2000 D (Canterbury, Three Fountains, River Falls, Puckett Place Apartments) n.a. Ba3 Ba2 Moody Continuing decline in properties' financial performance., Patchogue-Medford Union Free School District, N.Y., general obligation bonds 49, 500 Baa2 A3 Moody Significant deterioration of financial position that has resulted in deficit fund balance and limited liquidity position., Port of Tacoma, Wash., senior lien revenue bonds 235, 000 Aa3 A1 Moody Record of rising net revenues, active and prudent management of growth opportunities, record of sound debt service coverage and liquidity levels, increasing cargo flow., Port of Tacoma, Wash., senior lien revenue bonds 241, 315 AA-minus A-plus S&P Strong demand for port's services, solid financials, available land for expansion., Rahway (City), N.J., general obligation bonds 58, 000 A2 A1 Moody Narrowed financial position characterized by decreased General Fund balance, reliance on one-time revenues and deferred charges., Rhode Island Health & Educational Facilities Building Corp., revenue bonds, Series 1999 (Newport Hospital) 26, 840 A A-minus S&P Excellent liquidity, ability to control operating losses., Rosendale (Town), N.Y., general obligation bonds 1, 270 BBB-plus BBB S&P Continued residential and commercial development, sound financial position., Salt River Project Agricultural Improvement & Power District, Ariz., revenue bonds 2, 000 Aa1 Aa2 Moody Reduced deregulation risk, strong self-regulated governance including timely rate-setting process, historical and forecasted electricity pricing plan that incorporated objectives of strong debt service coverage margins and sound financial liquidity, significant competitive rate advantage, demonstrated well-defined and diversified power resource plan, moderating debt ratios., South Carolina Jobs-Economic Development Authority, multifamily housing revenue bonds, Series 2002 A&B (Legacy at Anderson Project) 8, 995 Ca Caa1 Moody Interest payment not made on Feb. 1, likelihood that interest will not be paid on Aug. 1, commencement of foreclosure proceedings., Troy City School District, N.Y., general obligation bonds (underlying rating) 43, improved financial management., Tulsa Housing Assistance Corp., Okla., Section 8-assisted multifamily housing senior lien revenue bonds, Series 2001 A (Murdock Villa) 2, 700 Baa3 Ba1 Moody Project's stable and adequate debt service coverage levels over past three years., Valley View Hospital Authority, Okla., hospital revenue refunding bonds, Series 1996 (Valley View Regional Hospital) 16, 000 BBB-minus BBB Fitch Deteriorating profitability, balance sheet indicators that reflect declining utilization trends, low debt service coverage., Western Dubuque County Community School District, Iowa, general obligation bonds 13, 295 A AA-minus S&P Steady decline in financial position.
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by Average Municipal Bond Yields -- Compiled Weekly, 20-Bond 11-Bond 25-Bond 10-Year 30-Year, GO Index1 GO Index1 Revenue2 Treasury3 Treasury3, *2006-, MAY 18 4.58 4.52 5.24 5.07 5.18, 11 4.63 4.57 5.25 5.16 5.23, 4 4.63 4.59 5.24 5.15 5.24, APR 27 4.59 4.55 5.22 5.08 5.18, 20 4.59 4.55 5.20 5.04 5.14, 12 4.57 4.52 5.18 4.98 5.05, 6 4.56 4.51 5.16 4.90 4.97, MAR 30 4.53 4.48 5.14 4.85 4.89, 23 4.43 4.36 5.08 4.74 4.75, 16 4.40 4.33 5.08 4.64 4.70, 9 4.45 4.38 5.11 4.73 4.72, 2 4.39 4.32 5.07 4.64 4.62, FEB 23 4.36 4.29 5.04 4.56 4.51, 16 4.41 4.34 5.09 4.59 4.57, 9 4.42 4.34 5.14 4.54 4.64, 2 4.43 4.36 5.17 4.57 4.70, JAN 26 4.42 4.35 5.15 4.52 4.70, 19 4.33 4.26 5.08 4.37 4.54, 12 4.37 4.29 5.11 4.41 4.59, 5 4.35 4.28 5.09 4.35 4.54, *2005-, DEC 29 4.38 4.31 5.11 4.36 4.52, 22 4.42 4.35 5.15 4.43 4.61, 15 4.48 4.41 5.19 4.47 4.67, 8 4.49 4.42 5.20 4.46 4.67, 1 4.53 4.46 5.23 4.51 4.72, NOV 22 4.51 4.44 5.20 4.43 4.66, 17 4.52 4.45 5.21 4.46 4.65, 9 4.61 4.54 5.24 4.64 4.83, 3 4.63 4.55 5.24 4.64 4.84, OCT 27 4.56 4.49 5.21 4.56 4.77, 20 4.47 4.40 5.13 4.45 4.67, 13 4.51 4.43 5.11 4.47 4.70, 6 4.44 4.36 5.06 4.37 4.59, SEP 29 4.39 4.31 5.04 4.29 4.52, 22 4.30 4.23 4.98 4.18 4.47, 15 4.30 4.23 4.96 4.22 4.51, 8 4.26 4.19 4.87 4.14 4.42, 1 4.18 4.11 4.83 4.02 4.29, AUG 25 4.25 4.18 4.87 4.16 4.37, 18 4.27 4.21 4.88 4.21 4.42, 11 4.37 4.30 4.93 4.34 4.53, AUG 4 4.38 4.31 4.90 4.33 4.52, JUL 28 4.31 4.23 4.86 4.20 4.40, 21 4.36 4.29 4.87 4.28 4.50, 14 4.30 4.23 4.84 4.18 4.41, 7 4.27 4.19 4.82 4.05 4.30, JUN 30 4.24 4.16 4.77 3.93 4.20, 23 4.23 4.16 4.76 3.96 4.25, 16 4.31 4.24 4.83 4.08 4.38, 9 4.21 4.13 4.75 3.96 4.23, 2 4.18 4.10 4.72 3.89 4.23, MAY 26 4.24 4.17 4.78 4.08 4.43, 19 4.25 4.18 4.81 4.11 4.44, (1) General obligation bonds maturing in 20 years are used in compiling, these indexes. The 20-bond index has an average rating equivalent to, Moody's, Aa2 and S&P's AA, while the 11-bond index is equivalent to Aa1 and AA-plus., (No average Fitch rating is provided because Fitch does not rate two of the, bonds.) The 11 bonds used in the higher-grade index are marked with an, asterisk., Moody's, Fitch Moody's, Fitch Moody's, Fitch, Baltimore, Md. A1, A+ Houston, Tex. Aa3, AA- *Pennsylvania, California A2, A *Memphis, Tenn. Aa2, AA- *Phoenix, Ariz., Chicago, Ill Aa3, AA- Milwaukee, Wis. Aa2, AA+ Puerto Rico, Baa3, Dade Co., Fla. Aa3, A+ *New Jersey Aa2, AA- *Seattle, Wash. Aaa, *Denver, Colo. Aa1, AA+ New York City A1, A+ *South, Carolina Aaa, *Florida Aa1, AA+ New York State Aa3, AA- *Washington Aa1, *Georgia Aaa, AAA *North Carolina Aa1, (2) Revenue bonds maturing in 30 years are used in compiling this index., It has an average rating equivalent to Moody's A1 and S&P's A-plus. (No, average Fitch rating is provided because Fitch does not rate seven of the, bonds.) The bonds and their ratings are:, Moody's S&P Fitch, Atlanta, Ga., airport (AMT) A1 A+ A+, California Housing Finance Agency, multi-unit rental (AMT) Aa2 A+ NR, Connecticut Housing Finance Authority Aaa AAA NR, Dallas-Fort Worth International Airport Board, Tex. (AMT) A1 A+ A+, Energy Northwest (formerly WPPSS), Wash., power revenue Aa1 AA- AA-, Illinois Health Facilities Authority (Northwestern Memorial Hospital), Aa2 AA+ NR, Illinois Housing Development Authority, multifamily A1 A+ A+, Intermountain Power Agency, Utah A1 A+ AA-, JEA (formerly Jacksonville Electric Authority), Fla. electric revenue, Aa2 AA AA, Kentucky Turnpike Authority Aa3 AA- AA-, Los Angeles Department of Water and Power, Calif., electric revenue Aa3, A+ AA-, Maricopa Co. Industrial Development Authority, Ariz. (Samaritan Health, Service) Baa1 BBB NR, Massachusetts Port Authority (AMT) Aa3 AA- AA-, MEAG Power (formerly Municipal Electric Authority of Georgia) A2 AA-, Nebraska Public Power District, power supply A1 A+ A+, New Jersey Turnpike Authority, turnpike revenue A3 A A, New York State Local Government Assistance Corp., revenue A3 AA- A+, New York State Power Authority, general purpose Aa2 AA- AA, North Carolina Municipal Power Agency No. 1, Catawba electric revenue, Baa1 BBB+ A-, Port Authority of New York and New Jersey, consolidated (AMT) A1 AA- AA-, Puerto Rico Electric Power Authority Baa1 A- NR, Salt River Project Agricultural Improvement and Power District, Ariz., electric revenue Aa2 AA NR, South Carolina Public Service Authority, electric revenue Aa2 AA- AA, Texas Municipal Power Agency A2 A+ A, Virginia Housing Development Authority (AMT) Aa1 AA+ NR, (3) Yield on the most current U.S. Treasury 10-year note and 30-year, Treasury bond (Sources: GovPX Inc., Garvin GuyButler).
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by Compiled by Matthew KrepsISSUER AMOUNT CHANGE, BOND ($000S) TO FROM NAME COMMENTS, California (State), general obligation bonds 38, 000 A-plus A Fitch, Breadth of state's continuing economic recovery, strong revenue, performance, progress in reducing fiscal imbalances., Cranston (City), R.I., general obligation bonds not covered by Cranston, Qualified Bond Act 39, 000 BBB BBB-minus Fitch Sustained improvements, in financial operations, including higher reserves and liquidity, strengthened fiscal management., Cumberland County, general obligation bonds 33, 055 AA-plus AA S&P, Consistent trend of strong financials evidenced through historically high, reserve levels, strong fiscal management., Illinois Educational Facilities Authority, revenue bonds (Columbia, College) 50, 145 BBB-plus BBB S&P Consistently strong operating, performance, steady growth in enrollment due to unique academic niche, continued growth in liquidity relative to expenses and debt., Illinois Finance Authority, revenue bonds (Columbia College) 5, BBB-plus BBB S&P Consistently strong operating performance, steady, growth in enrollment due to unique academic niche, continued growth in, liquidity relative to expenses and debt., Indiana Bond Bank, moral obligation bonds (State of Indiana) 44, A-plus A S&P Reflection of upgrade of state's issuer credit rating to, 'AA-plus'., Indiana Health Facility Financing Authority, revenue bonds(Methodist, Hospital) 85, 100 A3 A1 Moody Precipitous decline in financial results, in FY 2005 that continues in FY *2006-, due to declining patient volume and, continued low reimbursement from high uninsured and Medicaid patient load., Indiana Recreational Development Commission, lease revenue bonds (State of, Indiana) 33, 200 AA AA-minus S&P Reflection of upgrade of state's, issuer credit rating to 'AA-plus'., Lafayette Public Trust Financing Authority, revenue bonds, Series, 2002 (South Louisiana Community College Facility Corp. Project) 17, A-minus A S&P Reflection of link to state's GO rating and state's, commitment to project through cooperative endeavor agreement., Louisville & Jefferson County Metro Government, waterworks revenue, bonds 117, 760 AA-plus AA S&P Comprehensive financial and capital, planning, large amounts of reserve funds, which substantially increase, liquidity., Massachusetts Health & Educational Facilities Authority, revenue bonds, (Lowell General Hospital) 23, 000 A3 Baa1 Moody Continued improvement, in operating performance, healthy revenue growth trends, limited use of, leverage, growing balance sheet., Merrimack County, N.H., general obligation bonds 27, 200 BBB-plus BBB, S&P Improved financial performance, growing reserves., Minneapolis-St. Paul Metropolitan Council, Minn., telephone tax revenue, bonds 9, 915 AA-plus AA S&P Increase in revenues supporting debt, service following change of repayment source to 65 cents from 4 cents., Montana Facility Finance Authority, prerelease center project revenue, bonds 17, 655 A-minus BBB-plus S&P State's pledge to fund any, shortfall in debt service reserve fund, change in law that allows, contracts between providers and state Department of Corrections to be, extended to at least the bonds' final maturity., Montgomery County Municipal Utility District No. 39, Tex., general, obligation bonds 15, 755 BBB BBB-minus S&P District's completed, development, limiting additional capital needs and declining debt ratios., New Hampshire Municipal Bond Bank, General Bond Resolution revenue bonds, Series 2005 47, 000 AA-plus AA Fitch Development of start-up loan, pool, which expands to 15 borrowers from one borrower a year ago., O'Fallon (City), Ill., general obligation waterworks bonds 2, AA-minus A-plus S&P Strong residential and tax base growth., Oklahoma Water Resources Board, state loan program revenue bonds, 285 AAA AA-plus S&P Program's ability, demonstrated through cash, flows, to exceed S&P default tolerance criteria for 'AAA' state revolving, fund programs., Payson (Town), Ariz., excise tax revenue bonds, Series 2003A 1, A-plus A S&P Increase in excise tax collections, resultant very strong, debt service coverage., Pontiac Hospital Finance Authority, Mich., revenue bonds (North Oakland, Medical Center) 40, 000 Ba3 Ba2 Moody Weak operating results, continue in unaudited FY *2005-, three-year decline in absolute operating, cash flow generation., Rockford (City), Ill., revenue bonds, Series 2002 (Wesley Willows Project), 900 BBB BBB-minus Fitch Improved liquidity position, improved, operating performance since *2003-, divestiture of skilled nursing facility., Signal Hill Redevelopment Agency, Calif., tax allocation bonds(Signal Hill, Redevelopment Project No. 1) 87, 560 A A-minus S&P Further, diversification of project area, very low volatility ratio, strong growth, in assessed value, moderately sized and mature project area, adequate, legal provisions., Snohomish County School District No. 201, Wash., general obligation bonds, (underlying rating) n.a. A-plus A S&P Renewal of maintenance and, operation levy over next four fiscal years., Southwestern Illinois Development Authority, revenue bonds (City of, O'Fallon Project) 6, 630 AA-minus A-plus S&P Strong residential and, tax base growth., Stafford County & Staunton Industrial Development Authority, revenue, bonds (Municipal League-Virginia Association of Counties Finance Program), 895 A-plus A-minus S&P Continued diversification of pool, participants, expectation that loan portfolio credit quality will be, maintained or improved., Tacoma (City), Wash., solid waste revenue bonds 32, 915 AA-minus A-plus, S&P Strong conservative management policies, solid liquidity and debt, service coverage, competitive market position., Wichita (City), Kan., multifamily revenue bonds, Series IX-A *1995-, (Brentwood Manor) 3, 180 B BB S&P Declining debt service coverage over, past several years, deterioration in loan-to-value ratios, increasing, vacancy rate, deteriorating expense ratio., Wichita (City), Kan., multifamily revenue bonds, Series IX-B *1995-, (Brentwood Manor) 42 B-minus B S&P Declining debt service coverage, over past several years, deterioration in loan-to-value ratios, increasing, vacancy rate, deteriorating expense ratio., Dollar amounts represent the amount of bonds outstanding in the issue., Rating changes that result from the purchase of letters of credit or bond, insurance for issues in the secondary market are not included.
Published in Bond Buyer (2006)
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by Compiled by Matthew KrepsDollar amounts represent the amount of bonds outstanding in the issue., Rating changes that result from the purchase of the letters of credit or, bond, insurance for issues in the secondary market are not included., ISSUER AMOUNT CHANGE, BOND ($000S) TO FROM NAME COMMENTS, Alpharetta (City), general obligation bonds 11, 300 Aaa Aa1, Moody Realization of long-term planning efforts by city to create, robust and diverse local economy with high socioeconomic levels while, maintaining strong finances and limited debt levels even as population has, quadrupled since 1990., Austin (City), Tex., electric utility system revenue bonds 499, A-plus A S&P Electric utility's demonstrated trend of strong, financial performance while reducing system's relative indebtedness., Austin (City), Tex., combined utility system revenue bonds 317, AA-minus A-plus S&P Electric utility's demonstrated trend of, strong financial performance while reducing system's relative indebtedness., Austin (City), Tex., combined utility system junior lien revenue bonds, 490 A-plus A S&P Electric utility's demonstrated trend of, strong financial performance while reducing system's relative indebtedness., Capistrano Unified School District, Calif., special tax revenue bonds, Series 1996 A (Community Facilities District No. 87-1) 42, 640 A-plus, BBB S&P Strengthened tax base, good 1.21x maximum annual debt, service coverage., California Health Facilities Financing Authority, revenue bonds (Kaiser, Permanente) 11, 999 A-plus A Fitch Solid financial profile, underlying strength of integrated health care delivery system, strong, brand name recognition, strong market share in all markets., California Statewide Communities Development Authority, revenue bonds, (Kaiser Permanente) 2, 060 A-plus A Fitch Solid, financial profile, underlying strength of integrated health care delivery, system, strong brand name recognition, strong market share in all markets., Cohoes (City), N.Y., general obligation bonds 14, 200 Baa2 Baa3, Moody Improved financial position, two years of structurally balanced, operations, improved financial planning., East Hills (Village), N.Y., general obligation bonds 16, 340 Aa2, Aa3 Moody Wealthy and sizable tax base, sound financial operations, below average debt levels., Erie County, Ohio, hospital revenue bonds (Firelands Regional Medical, Center) 76, 300 A3 A2 Moody Significant increase in debt, associated with upcoming sale of $80 million bonds., Jackson County Reorganized School District No. 7 (Lee's Summit), general obligation bonds 145, 200 Aa2 Aa3 Moody Growing and, affluent tax base, favorable location in Kansas City metro area, sound, financial operations, manageable debt burden., Jackson County Reorganized School District No. 7 (Lee's Summit), certificates of participation, Series 1998 4, 735 Aa3 A1 Moody, Growing and affluent tax base, favorable location in Kansas City metro, area, sound financial operations, manageable debt burden., Las Vegas (City), Nev., general obligation bonds 251, 000 AA, AA-minus S&P Continued very strong economic growth and resilience, exceptional financial performance and stability., Louisiana Transportation Authority, senior lien toll revenue bonds (LA 1, Project) 94, 700 BBB BBB-plus Fitch Increasing construction, costs, ongoing implementation pressures related to construction of LA 1, Phase 1 project., Louisiana Transportation Authority, subordinate lien toll revenue bond, anticipation notes (LA 1 Project) 66, 000 A A-plus Fitch, Increasing construction costs, ongoing implementation pressures related to, construction of LA 1 Phase 1 project., Manassas Park (City), general obligation bonds 11, 235 A-plus, A S&P Expanding local economy and tax base., Maryland Health & Higher Educational Facilities Authority, revenue bonds, (Kaiser Permanente) 12, 825 A-plus A Fitch Solid financial, profile, underlying strength of integrated health care delivery system, strong brand name recognition, strong market share in all markets., Norwood Young America (City), Minn., general obligation bonds 10, A A-minus S&P Strong tax base growth, solid financial reserve, levels, manageable debt burden., Norwood Young America Economic Development Authority, Minn., general, obligation bonds 3, 000 A A-minus S&P Strong tax base, growth, solid financial reserve levels, manageable debt burden., Oklahoma County School District No. I-41 (Western Heights), Okla., general obligation bonds 10, 875 A3 A2 Moody Narrowed, General Funds reserves, flat tax base growth., Oneida-Herkimer Solid Waste Management Authority, N.Y., solid waste, revenue bonds (enhanced rating based on service agreement with Oneida and, Herkimer Counties) 26, 300 A3 A2 Moody Downgrade of Oneida, County to A3 from A2., Palatine Park District, Ill., general obligation bonds 5, 600 Aa2, Aa3 Moody Solid financial position, large and moderately growing tax, base, above-average income levels, modest debt burden., Paynesville Independent School District No. 741, Minn., general, obligation bonds 8, 090 Baa1 Baa2 Moody Improved financial, operations, increasingly stronger financial position, growing tax base, manageable debt profile., Puerto Rico (Commonwealth), general obligation bonds 7, 000 Baa3, Baa2 Moody Strained financial condition, ongoing political, conflict and lack of agreement regarding measures necessary to end, multi-year trend of financial deterioration., Puerto Rico Aqueduct & Sewer Authority, commonwealth-guaranteed revenue, bonds 3, 000* Baa3 Baa2 Moody Strained financial, condition, ongoing political conflict and lack of agreement regarding, measures necessary to end multi-year trend of financial deterioration., Puerto Rico Highway & Transportation Authority, highway revenue bonds, transportation revenue bonds, and subordinated 10, 000* Baa3, Baa2 Moody Strained financial condition, ongoing political conflict, and lack of agreement regarding measures necessary to end multi-year trend, transportation revenue bonds for State Infrastructure Bank of financial, deterioration., Puerto Rico Highway & Transportation Authority, subordinated, 000* Ba1 Baa3 Moody Strained financial condition, ongoing political conflict and lack of transportation revenue bonds (not, for State Infrastructure Bank) and agreement regarding measures, necessary to end multi-year trend special facility revenue refunding bonds, (Teodoro Moscoso Bridge) of financial deterioration., Puerto Rico Housing Bank & Finance Agency, commonwealth appropriation, bonds 4, 000* Ba1 Baa3 Moody Strained financial, condition, ongoing political conflict and lack of agreement regarding, measures necessary to end multi-year trend of financial deterioration., Puerto Rico Infrastructure Finance Authority, special tax revenue bonds, 000* Baa3 Baa2 Moody Strained financial condition, ongoing political conflict and lack of agreement regarding measures, necessary to end multi-year trend of financial deterioration., Puerto Rico Municipal Finance Agency, Series *1997-, *1999-, *2002-, and *2005-, bonds 10, 000* Baa3 Baa2 Moody Strained financial, condition, ongoing political conflict and lack of agreement regarding, measures necessary to end multi-year trend of financial deterioration., Puerto Rico Public Building Authority, commonwealth-guaranteed government, facilities revenue bonds 3, 000* Baa3 Baa2 Moody, Strained financial condition, ongoing political conflict and lack of, agreement regarding measures necessary to end multi-year trend of, financial deterioration., Puerto Rico Public Finance Authority, commonwealth appropriation bonds, 000* Ba1 Baa3 Moody Strained financial condition, ongoing political conflict and lack of agreement regarding measures, necessary to end multi-year trend of financial deterioration., Reed Union School District, Calif., general obligation bonds 46, AA-plus AA S&P Strong financial operations and community support, rapidly rising assessed value, basic aid status., Scotts Valley Redevelopment Agency, Calif., tax increment bonds (Scotts, Valley Redevelopment Project Area) 5, 035 BBB-plus BBB S&P, Declining taxpayer concentration, improved debt service coverage., Sutter Health, Calif., revenue bonds (issued by California Statewide, Communities Development Authority, California Health Facilities Financing, Authority, and City of Modesto) 1, 000 Aa3 A1 Moody, System's strong market position in northern California, trend of, consistently strong operating performance., Virginia College Building Authority, educational facility revenue bonds, Series 2001 (Regent University) 65, 170 A-minus A S&P Net, operating deficits in recent years, reliance on unsustainable endowment, spending rate to balance operations, continued weak balance sheet, limited, fundraising history., Waconia (City), Wis., lease rental bonds 3, 695 A-minus BBB-plus, S&P Imposition of substantial management controls that have enhanced, city's ability to support payment of debt obligations., Waconia (City), Wis., general obligation bonds 2, 920 A A-minus, S&P Imposition of substantial management controls that have enhanced, city's ability to support payment of debt obligations., Westerly (Town), R.I., general obligation bonds 64, 535 AA-minus, A-plus S&P Recent economic development and property tax base growth., *Represents combined amounts of $3.5 billion for commonwealth-guaranteed, bonds, $4.3 billion of appropriations bonds, and $10 billion of government, bond programs directly or indirectly linked to commonweath's general, creditworthiness. Dollar amounts represent the amount of bonds outstanding, in the issue. Rating changes that result from the purchase of letters of, credit or bond insurance for issues in the secondary market are not, included.
Published in Bond Buyer (2006)
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