Standard & Poor’s Monday lowered its rating for Valley Health System hospital revenue bonds to C from B-minus following the public hospital district’s Chapter 9 bankruptcy filing last week. The outlook is negative. The Hemet-based district filed for bankruptcy after voters rejected plans to sell its three hospitals to a private operator. Standard & Poor’s noted that the system has suffered through several years of operating losses that accelerated in the last two years.Fitch Ratings downgraded Valley Health to CCC in late September and placed it on negative watch.
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The commission also made changes to planned Louisiana State gas and fuel tax bonds of up to $1 billion
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High-yield muni issuance totals $20 billion year-to-date, "reflecting normalization from relatively depressed levels in 2023 ($7.6 billion over the comparable period), and now virtually equal to the trailing five-year average for the period ($20.1 billion)," said J.P. Morgan strategists, led by Peter DeGroot.
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Mayor Eric Adams was indicted on federal bribery, campaign finance and conspiracy charges, the U.S. Attorney's Office announced Thursday.
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The privately placed taxable bonds to be issued through Bernalillo County will help finance a manufacturing facility for Ebon Solar.
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"The market is strong right now, and we expect that to continue into next year," Loop's head of public finance Bo Daniels said.
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The continuing resolution to keep the government funded was passed without the inclusion of controversial legislation requiring proof of citizenship in order to vote.
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