S&P Global Ratings said it has lowered its long-term rating and underlying rating on the Puerto Rico Highway and Transportation Authority's subordinated transportation revenue bonds, series 1998, state infrastructure bank, to D (default) from CC, following a default on scheduled debt service due July 1, 2016.
These bonds were issued under a 1998 resolution, and had a debt service reserve held within the Puerto Rico State Infrastructure Bank Trust Fund.
Munis saw small gains Thursday, continuing the slight turnaround in sentiment the market has seen this week, with muni yields seeing modest bumps each day, said Jeremy Holtz, a portfolio manager at Income Research + Management.
The city is in danger of defaulting on bonds in the next fiscal year, according to Local Government Commission officials who say they will intervene if needed.
The $12.78 billion fiscal 2027 budget agreement unveiled by Republican officials comes as lawmakers prepare for looming federal Medicaid funding cuts.
A presidential address does nothing to quell the price of crude oil as states are now calculating the effects of rising fuel prices on their tax revenues.
Divisions are emerging among Missouri lawmakers over the $50.3 billion fiscal 2027 budget the House passed last Tuesday.
Judge Laura Taylor Swain is allowing the continued examination of a count in which a trustee is challenging fees, and some proceeds, of pre-bankruptcy bonds.
