Puerto Rico’s general-obligation bond rating may be lowered to junk if the commonwealth’s finances continue to deteriorate and it isn’t able to access capital markets soon, Moody’s Investors Service said.
U.S. banks led by JPMorgan Chase & Co. and Wells Fargo & Co. have bought a record amount of municipal debt. That demand is now at risk under a Federal Reserve proposal that excludes local bonds from a list of easy- to-sell assets.
The U.S. and Canada plan to harmonize regulations governing the most heavily traded products as part of negotiations on a shared security and economic “perimeter,” U.S. Ambassador to Canada David Jacobson said.
The port of Miami, the world’s largest cruise-ship hub, is selling a record $389 million of debt to boost its cargo business as the Panama Canal expands. Investors are balking, as the plan would triple the facility’s bond load in four years.
The U.S. and Canada plan to harmonize regulations governing the most-heavily traded products, U.S. Ambassador to Canada David Jacobson said, one day after a report showed some Canadians are uneasy with the idea.
Municipal-bond investors are demanding the biggest yield penalty since 2010 on Pennsylvania issuers as the state’s budget chief warns that a growing pension deficit threatens the commonwealth’s credit rating.
Investors in the $3.7 trillion municipal market assumed Illinois lawmakers would fix the worst- funded U.S. state pension system. The legislature’s latest failure is showing buyers the cost of inaction.