Moody’s Upgrades Montgomery County’s Bond Rating Outlook To ‘Stable’

NORRISTOWN, PA – Moody’s Investor Service upgraded the county’s bond rating outlook from “negative” to “stable” on Monday, according to a press release.

The county is expecting to refund $25.6 million in outstanding bonds in the coming weeks and had its rating “affirmed” to an Aa1 rating, according to the release sent out Monday afternoon.

“With the upgrade, Moody’s is recognizing the remarkable turnaround in the fiscal situation in Montgomery County,” commissioners’ Chairman Josh Shapiro said in the press release.

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http://www.timesherald.com/general-news/20150317/moodys-upgrades-montgomery-countys-bond-rating-outlook-to-stable

Moody’s Upgrades Pittsburgh’s Bond Credit Rating

A map of Pittsburgh, Pennsylvania with its neighborhoods labeled. For use primarily in the list of Pittsburgh neighborhoods. (Photo credit: Wikipedia)

Moody’s Investors Service upgraded Pittsburgh’s bond rating outlook from stable to positive Thursday, which Mayor Bill Peduto called a sign of improved financial health.

“The positive outlook reflects the steps the city has taken to reduce its long-term liabilities,” Moody’s wrote.

Along with the outlook upgrade, Moody’s affirmed its A1 rating on approximately $530 million in outstanding general obligation debt.

Standard & Poor’s ratings agency this week announced it is maintaining the city’s A+ bond rating, city officials said.

Read more: http://triblive.com/news/allegheny/6582680-74/peduto-plan-rating#ixzz39oyVSUz9
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Standard & Poor’s Increases Pittsburgh’s Credit Rating To A

A map of Pittsburgh, Pennsylvania with its neighborhoods labeled. For use primarily in the list of Pittsburgh neighborhoods. (Photo credit: Wikipedia)

The credit rating agency Standard & Poor’s has bumped up Pittsburgh’s credit rating three notches to A, a move that could save the city money on future borrowing by improving the city’s credit profile.

The agency cited a number of factors in moving the city’s credit rating up from BBB.  First, it said the city’s resilient economy and “deep and diverse economic base” which allowed the city to fare relatively well during the economic downturn.  It also cited the presence of two state-appointed oversight boards that have kept close tabs on the city’s budget since the state of Pennsylvania declared it financially distressed nearly a decade ago.

S&P analyst Andrew Teras also cited the city’s debt management, increase in reserves and ability to manage long-term liabilities, like pensions.

Read more: http://www.post-gazette.com/stories/business/news/standard-poors-increases-pittsburghs-credit-rating-to-a-693510/#ixzz2XX5qOifp

Montgomery County Issues $55M In Bonds For Infrastructure Projects

Map of Pennsylvania highlighting Montgomery County (Photo credit: Wikipedia)

NORRISTOWN — The Montgomery County Commissioners issued $55 million in bonds this week to address some county infrastructure projects.

While it does not address every item on a long laundry list of infrastructure needs throughout the county, the issuance of the bond addresses a good part of those needs without increasing the county’s current debt service over the next decade, according to the county’s top money manager.

“The bond sale received strong interest from underwriting firms with 10 banks submitting aggressive bids,” said Uri Monson, the county’s chief financial officer.

The commissioners approved the bond ordinance last month. Monson said the bonds were sold through a competitive sale process via an online bid service.  The winning bidder was PNC Capital Markets, with a True Interest Cost (TIC) of 2.39 percent.  The reported difference between the lowest bid and the next lowest bid was .017 percent.

Read more:  http://www.pottsmerc.com/article/20130405/NEWS01/130409500/montgomery-county-issues-55m-in-bonds-for-infrastructure-projects#full_story