The Public Purse |

TAG | non-rated bonds

Add Xenia Rural Water District’s to the short but growing list of over-leveraged municipal borrowers.  With $143 million in debt and about 9,000 customers, the unfolding socio-gram includes bondholders, bond insurers CIFG and Assured Guaranty, the US Department of Agriculture, Bank of America, and last, but not least, the ratepayers.  A $5.2 million note to [...]

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In the aftermath of the bond insurance meltdown investors found that many of their holdings did not have an underlying rating.  Most are small borrowings and in smaller, lower profile communities across the U.S. landscape.  Among them are some gems that are navigating the difficult waters of the great recession.  However, there are also some [...]

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