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  #441  
Old 09-24-2017, 06:13 PM
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some good news for once

IOWA

https://patch.com/iowa/ames/iowa-sta...ent-accounting

Quote:
Iowa State Finances Are a Model of Good Government Accounting
A new study shows that Iowa state finances are better than most.
0By Truth in Accounting (Patch Contributor) - Updated June 26, 2017 2:32 pm ET

Unlike in many states, Iowa's elected officials have only promised the amount of benefits they can afford to pay. Because of this, Iowa is in good health financially and considered a Sunshine State. The state has enough money to pay all of its bills with a surplus of $528.6 million, according to Truth in Accounting's (TIA) analysis of Iowa's most recent financial filings. When broken down, this equates to a taxpayer surplus of $500 for each Iowa taxpayer, which is not quite as good as in 2015, but much better than the national average of a $10,000 taxpayer burden.

These statistics are pretty good for Iowa, but what’s troubling is that state government officials continue to obscure large amounts of retirement debt on their balance sheets, despite new rules to increase financial transparency. This skewed financial data gives residents a false impression of their state's overall financial health.

Truth in Accounting is a Chicago-based nonprofit think tank that analyzes state financial reports when they are published. According to its analysis of Iowa’s CAFR for 2016, Iowa has $528.6 million available after bills have been paid, which breaks down to a $500 surplus per taxpayer. TIA's Taxpayer Surplus™ measurement incorporates both assets and liabilities, not just pension debt.

Because of an accounting rule implemented last year, Iowa had to report its pension debt on its balance sheet. This year, the state's reported pension debt grew from $833.9 million in 2015 to $1.1 billion in 2016. Despite reporting most of its pension debt, the state is still hiding retiree health care debt. Iowa's total hidden debt amounts to $578.3 million. A new accounting standard will be implemented in two years that will require states to report this debt on the balance sheet as well.

The bottom line is that Iowa has enough money to pay its bills, so it has received a "B" for its finances from Truth in Accounting. A "B" grade is given to states with a taxpayer surplus™ between $100 & $5,000.


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  #442  
Old 09-24-2017, 06:39 PM
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PENNSYLVANIA
DOWNGRADE
http://www.governing.com/topics/fina...downgrade.html
Quote:
Blame All Around for Pennsylvania's Credit Downgrade
S&P Global Ratings downgraded Pennsylvania's credit rating Wednesday, citing a history of late budgets. The action caused a lot of dramatic words from state leaders and many calls to settle the budget, but no signs of compromise. Wednesday's downgrade marked S&P's sixth negative action or statement on Pennsylvania's creditworthiness since 2012.

"For months, I have warned that a credit downgrade was looming," Gov. Tom Wolf said in an emailed statement. "I have said repeatedly for three years that we must responsibly fund the budget with recurring revenues."

Wolf praised the Senate, saying it acted responsibly by funding the budget with "recurring revenues to eliminate the deficit," presumably referring to the chamber's 26-24 vote July 27 that included taxes on utility bills and a severance tax on natural gas extracted from the Marcellus shale.

He said his administration had worked to hold off a downgrade and that it is time for an immediate resolution.

"If an agreement has not progressed by next week," the governor's statement said, "I will be forced to take further steps to manage this situation."

State Sen. Judy Schwank, a Ruscombmanor Township Democrat, had one idea.

"If the unthinkable happens and there is no agreement by Sept. 30," she said in an interview Wednesday, "I urge the governor to withhold payments to both the Legislature's members and their staff."

All of the House's top Republican leaders -- including Majority Leader Dave Reed of Indiana County, Appropriations Committee Chairman Stan Saylor of York County and Speaker Mike Turzai of Allegheny County -- reacted to the downgrade in a joint statement, also emailed to the news media, that seemed to blame top state Democratic officials for the S&P action.

"When those in charge of the checkbook -- the same fiscal officers who approved the deficit spending last fiscal year -- very publicly refuse to pay bills, even as bank accounts hold billions, of course our credit rating will take a hit."

In a two-page letter sent Sept. 12 to lawmakers and Wolf, state Treasurer Joseph M. Torsella and Auditor General Eugene A. DePasquale, both Democrats, cited the state's imminent inability to pay its bills. Three days later, Pennsylvania delayed a payment of $1.67 billion in reimbursements under Medicaid and delayed $581 million in payments to school districts on Monday. Their letter said further borrowing "creates an economic 'moral hazard' that effectively increases the long-term risks to the commonwealth's finances" and that they were therefore "disinclined to support additional lending" to the state's General Fund.

What is not clear is why Torsella and DePasquale were being blamed for approving deficit spending. Neither has a say in approving the state budget.

http://www.governing.com/topics/fina...downgrade.html

Quote:
Pennsylvania Downgraded

There’s no such thing as partial credit for finishing half a budget. That's why S&P Global Ratings slapped Pennsylvania with a downgrade to A+ this week. Lawmakers have agreed on a spending plan for the year, but have been arguing for months over where the money to pay for it will come from. “Stalemated budget negotiations have reached a point that their consequences extend beyond policy considerations to credit quality,” S&P wrote.

The agency also noted the stalemate is the product of the commonwealth’s “chronic structural imbalance dating back nearly a decade," as well as its “history of late budget adoption."

The downgrade came after Treasurer Joe Torsella and Auditor General Eugene DePasquale last week refused to yet-again loan money from the Treasury’s short-term investment pool to Pennsylvania’s general fund to cover expenses. As a result, the commonwealth delayed $1.17 billion in Medicaid reimbursement payments and $581 million in pension payments to school districts.

The Takeaway: When he declined to make the loan, Torsella said he was tired of enabling state lawmakers, and that “continual lending of the taxpayers’ money without an underlying balanced budget in place permits policymakers to continue to avoid resolving Pennsylvania’s long-term fiscal challenges.”

It’s questionable whether the downgrade will spur lawmakers into any sustainable solution. Their spending plan, signed into law back in July despite a balanced budget requirement, creates a $2.3 billion budget gap. So far, S&P noted, it appears as if the revenue plans being debated rely on one-time fixes which would land them all in the same negative position for next year’s budget.
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  #443  
Old 09-25-2017, 05:33 PM
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CONNECTICUT

http://www.courant.com/politics/hc-p...921-story.html

Quote:
Where the Democrats and Republicans Stand on the State Budget

From UConn to the state’s cities to the XL Center, there are deep divisions between Democrats and Republicans now struggling to agree on a state budget after squandering the winter, spring and summer months on failed negotiations.

As Gov. Dannel P. Malloy, Democrats and Republicans now make yet another effort to find common ground, the ground has shifted in Hartford. It is a Republican budget that was approved by the General Assembly on the long night of Sept. 15 and the GOP is now at the bargaining table and looking optimistically toward the elections in 2018.

The projected deficit for the two-year state budget now stands at about $3.5 billion. In coming days, Gov. Malloy has promised to veto the two-year $40.7 billion Republican budget. Without an agreement, however, harsh cuts imposed by Malloy will begin to take affect within weeks. Currently, Malloy is managing state spending under executive order, which allows him to cut certain line items and shift funds, but not to raise new revenue.

.....
Here is a breakdown showing where the Democrats and Republicans in the legislature disagree:

Taxes

Democrats: New taxes on vacation homes, non-prescription drugs, daily fantasy sports betting and monthly cellphone bills. Cigarette taxes would rise by 45 cents along with hikes on smokeless tobacco and hotel room rates Reduces property tax credit to $100 per year.

Republicans: Same tax increase on hospitals as Democrats, pushing provider tax to 8 percent. Restores $200 property tax credit for all current qualifiers. Admissions tax for events at Hartford’s XL Center and other venues. Changes car tax program, leading to higher local car taxes for motorists in some towns.

Fees

Democrats: Adds 25 cent fee on all Uber and Lyft rides. Drivers’ license fees would rise to $81 every six years. Motor vehicle registrations for non-electric cars and trucks increase to $90, two-year electric car registrations increase to $42.75. Allowing the Public Utility Regulatory Authority to increase the surcharge on electricity bills to provide $21.6 million in additional money over two years for the Clean Energy Fund. In come from fees would be used to fund the “Passport to Parks’’ program.

Republicans: Creates new fee to fund the “Passport to Parks’’ program that eliminates parking fees for Connecticut residents at state parks starting in 2018, similar to Democratic fee for same program.

Hospital Tax

Republicans, Democrats and the governor essentially are in agreement on the hospital tax. A complex formula would increase the tax on hospitals to $900 million in each of the next two fiscal years, up from $556 million. In exchange, the hospitals will receive substantially more in state and federal aid.

Hartford

Democrats: Hartford would get $40 million to $45 million more this year, on top of $260 million that the city was expected to receive.

Republicans: $7 million increase for Hartford.

.....
State Bonding

Democrats: State borrowing limits remain same.

Republicans: Limits borrowing to $2 billion per year.

....
Education Funding

Democrats: Reduces funding for the education cost-sharing grant, which includes special-education funds, by 5.6 percent in fiscal year 2018 and shifts that money away from wealthier districts, zeroing out some, and toward struggling poor districts.

Republicans: Increases education cost-sharing grants, when combined with special-education funds, by 2.5 percent and ensures that no municipality is cut. Reduces priority funding for struggling districts.

Pensions

Democrats: Adopts savings agreement with unionized state workers.

Republicans: Increases teacher contribution from 6 percent to 7 percent in 2018 and 8 percent in 2019. Cost-of-living allowances eliminated until the underfunded pension is 80 percent funded. Overtime would be eliminated from all pension calculations after 2027. These must be negotiated through collective bargaining.

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  #444  
Old 09-27-2017, 09:42 PM
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CONNECTICUT

https://www.nytimes.com/2017/09/25/n...ut-budget.html

Quote:
In Dire Straits, Connecticut Nears 90 Days Without Budget

Spoiler:
Every day, Brent Peterkin still puts on a suit and tie and drives to his job in New Haven as statewide coordinator for Project Longevity, a program to thwart gun violence and redirect potential gang members in some of Connecticut’s most crime-ridden neighborhoods. It is also one of many social services nonprofit organizations that has lost its funding as the state approaches three months of operating without a budget.

Mr. Peterkin and Project Longevity’s five other workers have not been paid since June 30, when the state’s fiscal year ended, and it is unclear if they will get any back pay.

They have kept working anyway.

“We’ve all invested a great deal of time and energy in doing this work,” he said, before conceding the financial strain months without pay has had on his family. “You can only do it for so long before your household budget starts to resemble the state budget.”

Connecticut is the only state in the country that has not enacted a budget for this year. State lawmakers failed to reach an agreement after months of wrangling as they confronted a $3.5 billion deficit. Now, the state is barreling toward another key deadline on Oct. 1, when an executive order on state spending calls for more painful reductions. It is another deadline that some state officials, including Gov. Dannel P. Malloy, a Democrat, have expressed doubt that they will meet.

The stalemate has had widespread implications as Connecticut faces a worsening financial crisis, spreading uncertainty and raising alarms.

Already, social services programs, like Project Longevity, are struggling to stay afloat, and some have shut down. The president of the University of Connecticut has warned that cuts included in a Republican proposal that reached the governor’s desk were severe enough to “simply decimate” the school. Towns and cities have grown frustrated, unsure of how much aid they will receive, except that it will likely be less than in the past.

In Hartford, the mayor said the situation might be the nudge that pushes the distressed capital city into bankruptcy.

In Coventry, a town of about 12,000 east of Hartford, leaders decided to wait on the state before finalizing their budget. “It’s really hard, and it’s stressful on our staff and everyone,” Matthew D. O’Brien, the vice chairman of the Town Council, said. “They all know this is hanging over our heads.”

Connecticut is among the country’s wealthiest states, but it also has one of the widest income gaps and mounting problems, like its growing pension obligations and shrinking tax base, that create a difficult financial landscape. The state has seen its population decline over the past three years and its structure, with no county governments, forces many of its 169 self-governing cities and towns to vie for state aid to supplement property taxes.

“They have very difficult choices that they need to make,” said Marcia Van Wagner, a state credit analyst for Moody’s Investor Service.

The discord over the budget does not just split along Democrat and Republican lines. Like many issues in Connecticut, the divide lies between the state’s affluent suburbs and its poorer cities, which have differing priorities as they debate how to divvy up a shrinking financial pie, especially on matters like funding education.

.....
This month, city officials in Hartford, which faces a nearly $50 million deficit, sent a letter to the state cautioning that a failure to reach a budget compromise with sufficient aid would make pursuing bankruptcy almost inevitable. The officials, including the mayor, Luke Bronin, noted that further cuts would force them to eliminate, and not simply reduce, essential city services.

“We cannot cut our way out of this crisis,” the officials wrote.

Michael Passero, the mayor of New London, said his city’s circumstances were not as dire, noting bright spots, like development projects and the defense industry. But nonetheless, he said, he and other city leaders were preparing for difficult cuts, largely sparing only services related to public safety. “Everything else that’s not absolutely life or death is getting sacrificed at this point,” he said.

He touched on the enduring debate between cities and suburbs, faulting state officials for allowing cities to land in such a predicament. “You’re looking at a city that has been left hanging for years,” Mr. Passero said of his coastal community of about 26,000 people. “New London’s always struggled. Now, because public policy has left the cities to fend for themselves and starve, the whole state is circling the drain.”

But smaller towns and rural communities share similar concerns.

In Portland, a town of about 10,000 south of Hartford, officials said that if a budget were not reached by the start of next month, they stand to receive just over $10,000 from the state — not the $4.6 million they had expected. “You just can’t do this to communities,” said Susan S. Bransfield, the first selectwoman.




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  #445  
Old 09-28-2017, 12:34 PM
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DELAWARE

http://www.truthinaccounting.org/new...-the-same-time

Quote:
How can Delaware be a AAA and an F at the same time?

Spoiler:
A reporter from Delaware called to inquire about our recent Financial State of the States report, and the “F” grade we assigned to Delaware. “Delaware has been a Triple A-rated state for 17 years – can you please explain how you can give the state an F?”
On a per-taxpayer basis, Delaware has accumulated some of the highest unfunded obligations for government employee retirement benefits in the nation. Delaware is a bit of a special case, given how high its unfunded retiree health care benefits are relative to other debt, and that unfunded position is going to be arriving on the state balance sheet in coming years. But the reporter’s question raises some broader, more fundamental issues worth discussing.
Here are seven ways Truth in Accounting’s (TIA) financial assessments differ from credit ratings:
Credit ratings are bond-focused. Credit ratings focus on bonds, which tend to be senior to most other obligations. In other words, bonds get “paid first.” Bondholders can have other legal means helping bondholders secure their position relative to other parties expecting payment from state and local governments. Truth in Accounting’s grades are rooted in our holistic perspective on government finance. We care about the big picture and the Average Joe (and Jane). We do not prioritize special interest groups like pensioners and bondholders.
State and local government bonds are issued by “sovereigns.” At a credit rating agency presentation a couple weeks ago, representatives were giving their overview of current market conditions. They began with a discussion of the fundamental strengths of municipal bonds in credit markets generally, noting they have sovereign tax authority front and center as a source of strength. Truth in Accounting doesn’t think like that. The power to tax is not necessarily a source of strength for the average taxpaying Joes and Janes.
Bonds can help kick the can down the road. Bonds can be a vehicle for kicking financial problems down the road. The blooming crisis facing many state and local (if not federal) governments in the United States has been driven in part by the tendency for the government and politicians to avoid short-term political pain by borrowing money, thereby buying short-term ‘success’ with long-term consequences. A “AAA” credit rating may help a state borrow money, but that isn’t necessarily a source of overall financial strength.
Credit ratings may follow, not lead, real financial deterioration. If we learned anything from the financial crisis of 2007-2009, it is to not take credit ratings at face value. In fact, the credit ratings industry was a central point of failure in the crisis, in part because because regulators (corrupt or otherwise) chose to make credit ratings a central element of their regulations. Academic financial studies suggest that credit ratings tend to react to, and lag, changes in market prices. This tendency also may be reflected in the next point, which is that …
Credit ratings may lag TIA’s Taxpayer Burden. We have compared the distribution of credit ratings across the 50 states to TIA’s Taxpayer Burden, which is our bottom-line measure of government financial position annually since 2009. They tend to run in the same direction, which isn’t surprising. States with higher credit ratings tend to have better financial positions. What is a little surprising is that, when we compare the distribution of state credit ratings from one large firm in 2009 to our Taxpayer Burdens in 2016, and then compare our Taxpayer Burdens in 2009 to their credit ratings in 2016, the Taxpayer Burdens in 2009 do a better job of anticipating the distribution of credit ratings in 2016, compared to how credit ratings in 2009 anticipated Taxpayer Burdens in 2016. Credit ratings are, in theory, forward-looking indicators, while our Taxpayer Burden is based on lagged accounting data.
Credit rating agencies are paid by governments. The credit rating industry long been has been driven by an “issuer pay” revenue model. In other words, credit rating agencies are paid by the issuers of securities—not the investors in those securities. A longer story, but this can lead to potential conflicts of interest and/or bias in favor of securities issuers, another element of the financial crisis of 2007-2009. Truth in Accounting is not paid by governments for our analysis. We are an independent, nonpartisan source of information.
Credit rating scales themselves may reflect grade inflation / bias. In credit ratings, an “A” is a relatively bad credit. A “BBB” is borderline junk. A “B” is a junk credit. TIA’s grades range from A to F.

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  #446  
Old 09-28-2017, 12:35 PM
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CALIFORNIA

http://www.ocregister.com/2017/09/27...-massive-debt/

Quote:
Will California ever pay off its massive debt?

Spoiler:
Last week, we questioned whether Congress would ever get serious about paying down the national debt. Now we pose a similar question of our state elected officials.

There have been some successes, like the adoption of some much-needed, albeit modest, pension reform measures in 2012, and nearly eliminating the “wall of debt,” as Gov. Jerry Brown described a number of short-term liabilities that once totaled nearly $35 billion. But even these efforts have put only a small dent in the state’s total debt.

This point was crystallized by a new study from financial watchdog group Truth in Accounting, which just released its annual “Financial State of the States” report. The study found that “41 states do not have enough money to pay all of their bills, and, in total, the states have racked up over $1.5 trillion dollars in unfunded state debt.”

Not surprisingly, the Golden State did not fare well in the analysis, ranking 43rd in terms of debt per taxpayer, and comprising one of nine states to earn an “F” grade. “Repeated decisions by state officials have left the state with a staggering debt burden of $255.1 billion,” the report concluded. “That burden equates to $21,600 for every California taxpayer.”

Even this may be understated. Using more conservative discount rates for the state’s pension systems, which many financial experts feel are more realistic than the systems’ own assumptions (even though these have been lowered somewhat in recent years), the unfunded pension liabilities alone have been estimated in the high hundreds of billions of dollars, and perhaps as much as $1 trillion. This would put the debt burden at close to $100,000 per person.

To make matters worse, the state is far from up-front about just how much debt it maintains. “These statistics are troubling, but what’s more troubling is that state government officials continue to obscure large amounts of retirement debt on their balance sheets, despite new rules to increase financial transparency,” the study asserted. “This skewed financial data gives state residents a false impression of their state’s overall financial health.”

Moreover, the report noted, California was one of the most tardy in publishing its 2016 Comprehensive Annual Financial Report, which took 265 days to release after the end of the fiscal year — nearly three months after the supposed 180-day deadline.

We are already seeing the effects of such debt. Local governments whose pension plans are administered by the state are struggling to keep up with significantly increasing contribution requirements, oftentimes resorting to tax hikes and cuts to public safety and other services. Some, like Vallejo, Stockton and San Bernardino, have been forced into bankruptcy, and many others are on the brink.

Yet, our elected officials, sometimes with the backing of a majority of voters, keep imposing ever-higher taxes — on “the rich,” on cigarettes, on gasoline, on local sales taxes — and proposing more bond measures — for housing programs, for the Delta water tunnels, for the restoration of the Salton Sea. In short, the government keeps getting bigger and bigger, while more people are struggling to pay their bills (including their tax bills) and get by.

Governments may be able to conceal their debts better than individual taxpayers, but they cannot avoid them forever.


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Old 09-28-2017, 12:39 PM
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CONNECTICUT (and others)

https://omny.fm/shows/mornings-with-...inberg-9-22-17

Quote:

Ray Dunaway w Shelia Weinberg 9/22/17

Description
Sheila Weinberg, Founder and CEO of TIA (Truth in Accounting), shares details from their annual Financial State of the States report, which analyzes and ranks all 50 state governments by their fiscal health. The TIA found that Connecticut has the third worst finances of any state in the country.
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Old 09-29-2017, 05:50 PM
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HARTFORD, CONNECTICUT
http://www.governing.com/topics/fina...ting-bond.html
Quote:
S&P Lowers Hartford's Bond Rating for the Second Time in 2 Weeks
BY TRIBUNE NEWS SERVICE | SEPTEMBER 27, 2017

Spoiler:
In an ominous development, Standard & Poor's has knocked down Hartford's bond rating for the second time in two weeks, declaring that "a default, a distressed exchange, or redemption appears to be a virtual certainty.''

The agency said Tuesday that it had again lowered the city's rating -- to CC from B-, a four-notch plummet. The move came a day after Mayor Luke Bronin held a conference call with Hartford bondholders, and suggested he didn't want to refinance the struggling city's debt.

Now, Standard & Poor's says it's increasingly likely that Hartford -- which expects to be short $7 million in cash in November and another $39.2 million in December -- will default on its debt. Meanwhile, with $545 million in outstanding general obligation debt, Hartford faces debt payments of about $30 million in coming weeks.

Hartford needs a cash infusion of at least $40 million in additional assistance from the legislature this fall, Bronin says. Without it, he says the city faces the possibility of bankruptcy.

"The downgrade to 'CC' reflects our opinion that a default, a distressed exchange, or redemption appears to be a virtual certainty," the agency said in a statement Tuesday. "S&P Global Ratings could take additional action to lower the rating to 'D' if the city executes a bond restructuring or distressed exchange, or files for bankruptcy.

"In our view, the potential for a bond restructuring or distressed exchange offering has solidified with the news that both bond insurers are open to supporting such a measure in an effort to head off a bankruptcy filing."

On Sept. 14, Standard & Poor's dropped Hartford's bond rating to B-, down four slots from the BB status it held earlier this month. S&P kept Hartford on a negative watch, meaning more downgrades could happen soon.

The city's bonds had already been classified as junk.

Assured Guaranty, the city's largest bond insurer, said Monday that it had made a proposal to Bronin to refinance the city's debt, pushing payments further into the future but reducing immediate contributions. The mayor, however, said he would resist any plan that burdens the city for years to come.

Debt payments in Hartford, which faces a $65 million deficit, are set to rise by tens of millions of dollars in the coming years. By 2021, the city's annual debt service is expected to top $60 million -- about 20 percent of its noneducation expenditures.

Assured's plan would keep debt payments around $40 million for the next 15 years.


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Old 10-03-2017, 01:07 PM
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HARTFORD, CONNECTICUT

https://www.bondbuyer.com/news/s-p-c...ford-downgrade

Quote:
S&P clarifies bond insurer stance in Hartford downgrade


Spoiler:
S&P Global Ratings republished its four-notch downgrade of Hartford, Conn., to clarify that bond insurers Assured Guaranty Municipal Corp. and Build America Mutual Insurance are open to a traditional bond refinancing but not a bond restructuring or a haircut.

"We understand from the bond insurers that they are open to a traditional bond refinancing in an effort to head off a bankruptcy filing, but not a distressed exchange or bond restructuring where investors receive less value than the promise of the original securities," S&P said Thursday.

Two days earlier, S&P downgraded Connecticut's capital city four notches to a deeper junk CC. Moody's that day dropped Hartford's bonds two levels to Caa3, noting an "increased likelihood of default as early as November."

Mayor Luke Bronin earlier this month said Hartford could file for Chapter 9 bankruptcy within 60 days. A key milepost if Oct. 31, when the city has a $26.9 million short-term tax anticipation note due. It next debt-service payment is due Nov. 15.

Assured and Build America Mutual Insurance, combined, wrap about 80% of the city's outstanding bonds.

Assured and BAM met Sept. 11 with Bronin, city Treasurer Adam Cloud, key members of Gov. Dannel Malloy's administration and Lamont Financial Services Corp. president Robert Lamb, among others.

The insurers provided the city an option of $40 million level debt service payments over 15 years, with amortization to begin in 2033. They said the city could benefit from a new state law - the so-called scoop-and-toss bill -- that enables cities to push out the maturities of refunding bonds.

Hartford projects its annual debt service to spike to $49 million in fiscal 2019 and $69 million in FY2021, according to S&P.

Bronin held a brief bondholder conference call on Monday [Sept 25] and fielded no questions.

.....
Malloy on Thursday vetoed a $40.7 biennial spending plan that lawmakers passed Sept. 16 after a handful of Democrats voted for the Republican plan. Malloy said he would have to issue another executive order next week with more austere cuts to municipalities.

Also on Thursday, S&P placed the ratings of nine communities on credit watch with negative implications, citing the looming aid cuts. They are West Haven, New Haven, New London, Bridgeport, Hamden, Plymouth, Derby, Stratford and Waterbury.

This week's state budget talks stalled over a complicated deal to increase the annual tax on the hospital industry, which in turn would qualify the state for more federal Medicaid reimbursement.

Non-bankruptcy options for Hartford include increased reimbursements from Connecticut for its excessive tax-exempt property. The state has in recent years underfunded Hartford.

Roughly half the city's property is tax-free, reflecting its status as a state capital. In addition, the city has a commitment of $10 million from insurance leaders Aetna Inc., Travelers Cos. and The Hartford, despite Aetna's intention to relocate its corporate headquarters to New York.


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Old 10-03-2017, 03:30 PM
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found some nice data repositories/infographics of state credit ratings

https://ballotpedia.org/State_credit_ratings

http://www.pewtrusts.org/en/research...p-ratings-2014

http://www.pewtrusts.org/~/media/ass...ingsreport.pdf
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