|
|
|
|
| BondsOnline.com: instant access to and extensive coverage of over 3.5 million stocks, bonds, indexes and other securities covering major and emerging markets and exchanges across the globe. |
|
|
| Bonds Online |
|
|
| 5/10/2013Market Performance |
| Municipal Bonds |
|---|
|
S&P National Bond Index
|
3.00% |
|
|
S&P California Bond Index
|
2.96% |
|
|
S&P New York Bond Index
|
3.13% |
|
|
S&P National 0-5 Year Municipal Bond Index
|
0.70% |
|
|
| S&P/BGCantor US Treasury Bond |
400.09 |
|
| More |
|
| Income Equities: |
|---|
| Preferred Stocks |
|---|
|
S&P U.S. Preferred Stock Index
|
848.03 |
|
|
S&P U.S. Preferred Stock Index (CAD)
|
636.26 |
|
|
S&P U.S. Preferred Stock Index (TR)
|
1,701.05 |
|
|
S&P U.S. Preferred Stock Index (TR) (CAD)
|
1,276.26 |
|
|
| REITs |
|---|
|
S&P REIT Index
|
174.07 |
|
|
S&P REIT Index (TR)
|
425.30 |
|
|
| MLPs |
|---|
|
S&P MLP Index
|
2,469.58 |
|
|
S&P MLP Index (TR)
|
5,428.50 |
|
|
See Data
|
|
|
|
 |
|
|
|
|
|
|
New York City’s GO Rating Raised One Notch To ‘AA’ On Strong Economic And Revenue Performance |
NEW YORK June 5, 2007--Standard & Poor's Ratings Services today raised its rating on New York City's GO bonds one notch to 'AA' from 'AA-' based on the city's strong economic and revenue performance, along with its continued dedication of surplus revenue to manage future budget pressures and reduce long-term liabilities. A long track record of strong and active budget management is also factored into the rating action. The rating outlook is stable.
"The city's proposed fiscal 2008 budget and financial plan update indicates continued economic strength and highlights the conservative nature of its revenue estimates," said Standard & Poor's credit analyst Robin Prunty. "Stronger-than-forecasted revenue growth throughout fiscal 2007 has provided flexibility to manage future budget pressures."
Based on the 2008 budget proposal and financial plan update, fiscal 2007 revenues are expected to be nearly $5 billion higher than forecast. After various expenditure adjustments for the year, including retiring $1.2 billion of debt and funding a general reserve, $4.4 billion of surplus will be available to prepay expenditures--a consistent pattern for the city when surpluses exist. The fiscal 2008 budget proposes that $2.4 billion actually establish a budget stabilization fund for fiscal 2009. The positive revenue performance continues to result from extraordinary growth in real estate-related taxes--specifically the mortgage recording tax, the real property transfer tax, and personal/business income tax.
The overall financial plan update now forecasts a balanced budget for fiscal 2008, compared with a gap of $3.8 billion originally forecasted in July 2006. The gaps projected for fiscals 2009-2011 total $1.6 billion, $3.3 billion, and $4.3 billion, respectively. The combined three-year gap estimate is now $9.1 billion, less than prior-year gap estimates. In addition to significant expenditure prepayments over the past several years, $2 billion has been deposited in a retiree health benefits trust fund to offset future other postemployment benefit (OPEB) liabilities, with another $500 million budgeted for fiscal 2008. The city implemented GASB 45 as part of its fiscal 2006 audited financial statements--two years before the GASB reporting requirements. The unfunded liability is a substantial $53.7 billion. The city's annual contribution to fund OPEBs on a pay-as-you-go basis in fiscal 2006 was $1.2 billion, or 2.2% of total spending.
The rating action affects roughly $35 billion of city GO debt.
|
|
|
|
|
|
| Partner Market Place |
|
|
|
| Stuff to look at |
Yield and Income Newsletter: A must have for income investors. subscribe NOW
S&P Commentary and Newsletters: S&P
|
|
| BondsOnline Advisor |
Income Security Recommendation January 2013 Issue.
Keep up with monthly, in-depth coverage of fixed income market strategies, commentary, and insights as seen by our sources. Sign up for the free BondsOnline Advisor now!
Unsubscribe here [+] |
|
|
|
|
|
|
|
|
