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General Obligation Bonds

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NEWS
May 11, 2012
Joe Adcock played for the Milwaukee Braves when he hit four home runs in one game in 1954. The name of the team was incorrect Wednesday. An item in Wednesday's "Philly Deals" column about Fitch Ratings' new AA+ credit rating on Montgomery County general-obligation bonds made an incorrect comparison. Moody's Investors Service rates Bucks County's general-obligation bonds AAA; Fitch rates only Bucks County industrial bonds. The Inquirer wants its news report to be fair and correct in every respect, and regrets when it is not. If you have a question or comment about news coverage, contact assistant managing editor David Sullivan (215-854-2357)
NEWS
May 17, 1991 | By Larry Copeland, Inquirer Staff Writer
Good news. Philadelphia. Revenue bonds. When was the last time anybody saw those five words together? Could it be real? Is it possible? Well, yes. But the good news is on Philadelphia Redevelopment Authority revenue bonds, and has nothing at all to do with the near-default status of $1.35 billion in city general obligation bonds. Moody's Investors Service has upgraded from Baa-1 to A $44 million in home- improvement-loan revenue bonds issued by the Redevelopment Authority to fund its Action Loan Program for low-income homeowners.
BUSINESS
February 23, 2013
A planned $48 million borrowing by the Burlington County Bridge Commission was assigned an Aa2 rating with a "negative" outlook by Moody's Investors Service on Friday. The bond rating reflects Moody's assessment of the bonds as high quality and a very low credit risk, while the negative outlook was prompted by the county's debt level and Moody's concerns that "the county's narrowed financial reserves will be challenged to grow to adequate levels over the near-medium term. " The general obligation bonds are expected to be sold next Thursday, with the proceeds to be used to refinance existing debt at lower interest rates.
NEWS
September 15, 1990 | By Dave Davies, Daily News Staff Writer
Now the impact of Philadelphia's financial crisis has reached the sewers and the skies. Moody's Investor Service yesterday lowered ratings for city water and sewer bonds and airport revenue bonds to barely investment grade. In addition, the Wall Street rating agency downgraded city general obligation bonds - already at junk bond level - another notch below investment grade status. A statement by Moody's cited the city's failure to sell temporary loan notes Wednesday. It said the inability to borrow "exacerbates an already severe cash crisis and raises further questions about the city's ability to meet its immediate, short-term operating expenditure requirements.
BUSINESS
August 13, 2016 | By Joseph N. DiStefano, Staff Writer
Pennsylvania on Wednesday borrowed $1.2 billion by selling general-obligation bonds at what Gov. Wolf's office called a "true interest cost" of 2.75 percent. That sounds cheap, if you compare it with mortgages or credit cards. It would have been cheaper, if Pennsylvania had a top AAA credit rating, like Maryland or Delaware, instead of the third-worst among U.S. states (still better than Illinois and New Jersey, according to Moody's). Pennsylvania's new 20-year bonds sold at 0.62 percent more than what AAA-rated states had to pay last week, according to Thomson-Reuters Municipal Market Data compiled by Alan Schankel, managing director at Janney Capital Markets in Philadelphia.
NEWS
August 2, 1993 | By Bridget Mount, INQUIRER CORRESPONDENT
The Springfield School District is about to do what a lot of Springfield homeowners are doing - refinance its debt to take advantage of lower interest rates. That's the gist of what happened at Thursday's meeting, when the board adopted a resolution approving a debt refinancing proposal presented by Legg Mason Inc. financial services company. Pending final approval tomorrow, the board will pay off two general obligation bonds from 1979 and 1990 and issue one new $9.8 million bond at bargain-basement rates.
NEWS
April 23, 1993 | By Matthew Purdy, INQUIRER STAFF WRITER
Philadelphia's bond rating was increased one step by Moody's Investors Service yesterday, reflecting increased confidence in the city's fiscal stability. The rating, which was revised from B to Ba, still leaves the city's general-obligation bonds rated below investment grade. In announcing the new rating, Moody's said that "the Rendell administration has displayed a willingness and commitment to achieve long-term fiscal balance. " The report said that the cooperation between Rendell and City Council "has been essential to the city's success to date.
BUSINESS
September 19, 1990 | By Rose DeWolf, Daily News Staff Writer
Philadelphia Director of Aviation James C. DeLong said yesterday he remains optimistic that the downgrading of city airport revenue bonds by Standard and Poor's will not affect the airport's plans to build a new commuter plane runway and a new terminal for USAir. Although the bonds were not rated as negatively by S&P as the city's general obligation bonds, the rating agency did drop them from a "Single A" rating to "Triple B. " "We're not sure the effect that will have," said DeLong.
NEWS
November 15, 1987 | By Tanya Barrientos, Inquirer Staff Writer
The Downingtown school board has approved a $2.8 million bond issue to complete school expansion and building projects the district began this summer. In August, the board voted to issue $7.2 million in similar general obligation bonds for work at Downingtown Senior High School and Beaver Creek Elementary School. Wednesday, the board voted, 7-0, to issue an additional $2.8 million in bonds for the completion of those projects and a possible land purchase in the upcoming year.
NEWS
November 6, 1988 | By Dan Meyers, Inquirer Staff Writer
City voters will decide Tuesday whether to approve $50 million in bonds to pay for a number of building projects, including restoration of the City Hall tower. Usually, but not always, voters have gone along with requests by the city for permission to borrow more money through general obligation bonds. The amount that can be borrowed is limited by a state cap on the city's debt, which is based, in part, on the value of Philadelphia property. As that rises and as the previous debt is paid off, the city can borrow more.
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BUSINESS
August 13, 2016 | By Joseph N. DiStefano, Staff Writer
Pennsylvania on Wednesday borrowed $1.2 billion by selling general-obligation bonds at what Gov. Wolf's office called a "true interest cost" of 2.75 percent. That sounds cheap, if you compare it with mortgages or credit cards. It would have been cheaper, if Pennsylvania had a top AAA credit rating, like Maryland or Delaware, instead of the third-worst among U.S. states (still better than Illinois and New Jersey, according to Moody's). Pennsylvania's new 20-year bonds sold at 0.62 percent more than what AAA-rated states had to pay last week, according to Thomson-Reuters Municipal Market Data compiled by Alan Schankel, managing director at Janney Capital Markets in Philadelphia.
NEWS
January 12, 2016 | By Andrew Seidman, TRENTON BUREAU
TRENTON - Outside groups backing Jeb Bush, Marco Rubio, and John Kasich are blitzing New Hampshire with attack ads that portray Gov. Christie's New Jersey as a wasteland of high taxes and credit downgrades, a laboratory for expansion of Obamacare, and home to a governor with unscrupulous aides under criminal indictment. Donald Trump, the unvarnished celebrity real estate mogul leading the GOP race, has declared that New Jersey is the "worst state in the union in terms of economics. " Against that backdrop of an unpredictable and brawling presidential race, Christie will return briefly to Trenton on Tuesday to deliver his annual State of the State address with a chance to tell a better story about his record in New Jersey.
BUSINESS
July 1, 2014 | By Erin E. Arvedlund, Inquirer Columnist
Is Puerto Rico the next Lehman Brothers? So asks one Chadds Ford money manager who sees parallels between Puerto Rico and the ill-fated brokerage firm Lehman, which went bankrupt at the height of the 2008 financial crisis. "It sounds a bit scary," says Jonathan D. Smith, chief investment officer of DT Investment Partners. "There was a lot of positive buzz after Puerto Rico's last bond-issue deal was so successful - as there was when [billionaire investor] George Soros took a stake in Lehman.
NEWS
December 25, 2013 | By Troy Graham, Inquirer Staff Writer
PHILADELPHIA The bond rating agency Standard & Poor's on Monday raised Philadelphia's rating two notches to A-plus, the highest ever received by the city. It was the third time in 21/2 years that Standard & Poor's had upgraded the rating on the city's general obligation bonds. Mayor Nutter said in a statement that he was "very proud" of the upgrade, which he said reflects "the city's strong financial management practices" and the "diligent work" of the administration's finance team.
NEWS
July 26, 2013
ALTHOUGH a municipality filing for bankruptcy protection is rare, you still ought to be paying attention to what happens to bondholders in the case of Detroit. The city's Chapter 9 filing likely will set some precedents, including how investors and/or their investment advisers view municipal bonds, also known as munis. "I think that the potential risks to the municipal-bond market are serious," said David D. Tawil, co-founder and portfolio manager for Maglan Capital, a New York investment firm that specializes in distressed assets.
BUSINESS
February 24, 2013
In the Region     Aramark to sell $1B in notes   Aramark Corp. , of Philadelphia, the privately held food concessionaire, plans to sell $1 billion of senior notes to refinance debt. The company intends to sell seven-year bonds that may be rated B3 by Moody's Investors Service , according to a person familiar with the offering who asked not to be identified, citing lack of authorization to speak publicly. Aramark is raising funds as it begins a tender offer, announced Thursday, to buy back as much as $2.38 billion of outstanding obligations.
BUSINESS
February 23, 2013
A planned $48 million borrowing by the Burlington County Bridge Commission was assigned an Aa2 rating with a "negative" outlook by Moody's Investors Service on Friday. The bond rating reflects Moody's assessment of the bonds as high quality and a very low credit risk, while the negative outlook was prompted by the county's debt level and Moody's concerns that "the county's narrowed financial reserves will be challenged to grow to adequate levels over the near-medium term. " The general obligation bonds are expected to be sold next Thursday, with the proceeds to be used to refinance existing debt at lower interest rates.
NEWS
May 11, 2012
Joe Adcock played for the Milwaukee Braves when he hit four home runs in one game in 1954. The name of the team was incorrect Wednesday. An item in Wednesday's "Philly Deals" column about Fitch Ratings' new AA+ credit rating on Montgomery County general-obligation bonds made an incorrect comparison. Moody's Investors Service rates Bucks County's general-obligation bonds AAA; Fitch rates only Bucks County industrial bonds. The Inquirer wants its news report to be fair and correct in every respect, and regrets when it is not. If you have a question or comment about news coverage, contact assistant managing editor David Sullivan (215-854-2357)
BUSINESS
May 2, 2012 | Erin Arvedlund
Think college tuition is going to continue to go up? One way to capitalize on the trend is by investing in municipal bonds linked to universities. That's a way to profit from the cost of a pricey higher education. Investors worldwide are searching for income ideas and are returning to municipal bonds after the 2008 credit crisis and a default headline scare in 2011. But according to recent research by Moody's credit-rating agency, muni bonds defaulted at a significantly lower rate than corporate bonds — even through both crisis periods.
NEWS
September 16, 2010 | By Nicole Gelinas
Gov. Rendell threw the state's debt-laden capital city a financial lifeline this week. But by swooping in to help Harrisburg avoid default on a bond payment, Rendell will make things worse for municipal borrowers and their lenders in the long run. Rendell advanced state aid payments that were due to Harrisburg later in the year to help it avoid defaulting. The state also plans to loan Harrisburg money for an independent adviser to work with the city on long-range fiscal planning.
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