Moody's downgraded the general obligation bonds of Atlantic City, New Jersey to "junk," citing the casino town's declining tax base.» Read More
CHICAGO, July 22- Illinois Governor Pat Quinn on Tuesday signed legislation to fund state-wide transportation projects with $1.1 billion of bonds. However, according to Abdon Pallasch, the state's assistant budget director, no bond sales are currently planned for the rest of 2014..
Documents filed in U.S. Bankruptcy Court show the city's current and retired police and fire employees, along with other active and retired city workers, will accept benefit cuts to help Detroit shed some of its $18 billion of debt in the largest-ever U.S. municipal bankruptcy case.
SAN JUAN, Puerto Rico— Puerto Rico's government has managed its first balanced budget in more than a decade. "Most people are very much in a watch-and-wait mode," said David Tawil, co-founder and portfolio manager of New York- based Maglan Capital. One looming threat is the condition of the Puerto Rico Electric Power Authority, which is roughly $9 billion in debt.
SHANGHAI, July 18- A Chinese construction company at risk of declaring a landmark bond default on nearly $65 million is getting local political support to hold off creditors and get cash, state media reported on Friday, citing sources at the struggling firm.
Fed Chair Janet Yellen explains why she thinks it would be a terrible mistake for the Fed to apply specific mathematical rules to inflation and employment.
YELLEN SAYS MUNICIPAL BOND MARKETS HAVE FUNCTIONED SMOOTHLY "BUT SOME ISSUERS REMAINED STRAINED".
WASHINGTON, July 11- Prices on Puerto Rico debt drifted higher on Friday and trading of the junk-rated bonds slowed, calming some of the recent market turbulence inspired by the island's troubled power authority.
A crucial referendum looms in Detroit, as a clutch of creditors decide whether to approve a plan that would cut the cash-strapped city's debt.
This was untrue, according to the SEC, because Kings Canyon failed to make some of the annual disclosures of financial information and other events that it had promised to make when it conducted three other bond offerings in 2006 and 2007..
NEW YORK, July 2- Puerto Rico benchmark general obligation bond prices touched a record low on Wednesday as a recent slew of ratings downgrades and concerns the Commonwealth's public corporations will default continued to weigh on trading.
WASHINGTON, July 1- Creditors to Puerto Rico's electricity provider were given a slight respite on Tuesday when the bonds' trustee made a scheduled payment, but the U.S. municipal bond market remained worried the Puerto Rico Electric Power Authority will soon use a new bankruptcy-like process to restructure its debts.
WASHINGTON, July 1- Creditors to Puerto Rico's troubled electricity provider were given a slight respite on Tuesday when the bonds' trustee made a scheduled payment, but the U.S. municipal bond market remained worried the Puerto Rico Electric Power Authority will soon use a new bankruptcy-like process to restructure its debts.
WASHINGTON, July 1- Moody's pushed its rating on Puerto Rico's debt deeper into junk territory on Tuesday and prices of the island's troubled electric authority's bonds plunged as investors awaited word on whether they would receive a scheduled payment on the securities.
June 30- Puerto Rico's troubles continued to worsen on Monday after mutual funds holding about $1.7 billion in its debt sued the commonwealth while other investors sold the bonds on concerns the island's finances could deteriorate further.
Mutual funds that hold municipal bonds in Puerto Rico are suing the commonwealth over its newly passed law dealing with bankruptcy.
June 30- U.S. mutual funds holding about $1.7 billion in Puerto Rico debt have sued the cash-strapped commonwealth, accusing it of passing a law modeled after the U.S. bankruptcy code that could undermine the rights of American investors.
June 30- U.S. mutual funds holding about $1.7 billion in Puerto Rico debt have sued the cash-strapped commonwealth, accusing the Caribbean island of passing an act modeled after the U.S. bankruptcy code in what could be a potential threat to American investors. Puerto Rico is one of the largest issuers of debt in the U.S. municipal bond market.
Moody's upgraded its rating on California's general obligation debt, citing the state's improving financial position and employment growth.
June 25- Moody's Investors Service on Wednesday upgraded its rating on California's general obligation debt to "Aa3" from "A1," citing the state's improving financial position and employment growth.
New York Fed President William Dudley warned Puerto Rico about its growing debt load.