As HDC president, he led one of the nation's most active Housing Finance Agencies and the largest municipal issuer
of mortgage revenue bonds for affordable multifamily housing.
question of whether a municipal issuer
should incur debt in the first
The methodology results in a long-term rating that is up to two notches higher than the stronger of the two credits if the following conditions are met: (1) both entities have a rating of 'A' or higher; (2) the transaction is structured such that payments from both the municipal issuer
and the bank are in the flow of funds and both entities would have to fail to perform before the bonds defaulted; and (3) the interest rate modes to be covered by Fitch's rating provide for either a mandatory purchase at the end of each interest rate period, or a purchase demand option.
When a municipal issuer
plans to sell bonds, it often has several conversations with its municipal advisors and underwriters about the types of prices to expect.
Given the unlikely nature of the stress scenarios, and the minimal rating impact, Fitch views permitted investments, municipal issuer
diversification framework and mandatory deleveraging mechanisms as consistent with a 'AAA' rating.
NLC particularly noted the potential impact on smaller cities: "The Proposed Regulations require that a municipal issuer
actually receive three bids from qualified (i.
Issuers of municipal securities and persons assisting in preparing municipal issuer
disclosures are encouraged to consider whether such disclosures should contain a discussion of Year 2000 issues.
One, any disclosure must be accurate and complete because when a municipal issuer
releases information to the general public that is reasonably expected to reach investors and the trading markets, it is subject to the general antifraud provisions of the federal securities laws.
An obligated person is any person, including a municipal issuer
or a conduit borrower, who is committed by contract or other arrangement to support payment of the securities issued.