Fitch downgrades $537 million Vermont Municipal Bond Bank general resolution bonds to ‘AA’

first_imgSource: Fitch Ratings CHICAGO–(BUSINESS WIRE)– 11.17.2010 Fitch Ratings assigns an ‘AA’ rating to the following 2010 Vermont Municipal Bond Bank bonds, issued under the 1988 General Resolution:–$24,280,000 (federally taxable recovery zone economic development bonds) series 5.The bonds are expected to sell via negotiation during the week of Nov. 15, 2010.In addition, Fitch downgrades $536,855,000 in outstanding general resolution bonds to ‘AA’ from ‘AAA’.The Rating Outlook is Stable.RATING RATIONALE:–The rating downgrade is due to the program cash flows failure to pass Fitch’s ‘AAA’ stress test.–The program’s pledged reserves and loan repayments, excluding federal subsidies, allow the bonds to withstand borrower defaults of up to 20.3% for four years without causing an interruption in bond payments. This is consistent with Fitch’s criteria for assigning an ‘AA’ rating given the loan pool’s borrowers’ credit quality, size and diversification.–The program, which consists of 298 borrowers, is diverse with low single-borrower concentration.–The program’s loan security is strong, with approximately 98% of all loans backed by a general obligation pledge and additional protection from borrower defaults through a state-aid intercept mechanism.KEY RATING DRIVERS:–Fitch will continue to evaluate the bond bank’s ability to balance future leveraging with program resources to maintain borrower default tolerance levels that pass Fitch’s ‘AA’ stress test scenarios.–Credit quality of the bonds is linked to repayment performance on the program’s loan portfolio.SECURITY:Program bonds are secured by borrower loan repayments and debt service reserve funds. A state moral obligation on the reserve fund and a state-aid intercept provision for borrowers provide additional credit enhancement.CREDIT SUMMARY:Established in 1970, The Vermont Municipal Bond Bank (VMBB) is a quasi-state agency. It is administered by a five-member board consisting of four gubernatorial appointees and the state treasurer. The bond bank issues bonds and uses the proceeds to make loans to local government borrowers throughout the state. Virtually all of Vermont’s eligible municipalities use the bond bank as their primary borrowing vehicle because it offers local government borrowers the lowest cost of capital.The loan pool consists of 298 borrowers from cities, towns, counties, school districts and other local governments throughout the state. Approximately 98% of all loans are backed by a general obligation pledge; the remaining are backed by utility pledges from four borrowers. About 51% of the loans are to school districts, which are further backed by an intercept mechanism that includes any state funds payable to borrowers. State aid is reportedly over 90% of school district debt service. The loan portfolio’s largest borrower, Springfield School District, comprises only 5% of the portfolio. The top 10 borrowers account for 33% of the total outstanding loan balance.Fitch analyzed the default tolerance of the VMBB loan pool using a stress test it also applies to state revolving funds and other municipal loan pools. The stress test considers loan quality, single risk concentration, reserve fund size, and debt service requirements. Due to the already tight margins on the program’s stressed cash flows, with the issuance of the 2010 series 5 bonds, the program cash flows fail to pass Fitch’s ‘AAA’ stress test by $4.4 million and $2 million in 2014 and 2027, respectively; this scenario assumes that no scheduled federal debt service subsidies are received. Per its report ‘Build America Bonds Broaden Municipal Market — Credit Considerations’ dated April 27, 2010, Fitch assesses the ability of the issuer to pay full interest on the BABs, regardless of the subsidy. While Fitch believes there could be offsets to some annual subsidy payments, it believes that VMBB management would take action to address the reasons for the offset and avoid multiple years with no subsidy, including the use of certain optional redemption provisions for its federally subsidized bonds. Even if the federal subsidies were considered in Fitch’s analysis, the stressed cash flows would still miss Fitch’s ‘AAA’ test by $1.3 million in 2014. Nevertheless, the program’s pledged reserves and loan repayments, excluding the federal subsidies, allow the bonds to withstand borrower defaults of up to 20.3% for four years without causing an interruption in bond payments. This is consistent with Fitch’s criteria for assigning an ‘AA’ rating given the loan pool’s borrowers’ credit quality, size and diversification.The debt service reserve fund, which is sized at the least of maximum annual debt service, 125% average annual debt service, or 10% of bond proceeds, is funded with bond proceeds and invested in U.S. treasury and agency securities. Pledged reserves currently total $51.3 million, or 9.5% of bonds outstanding. In addition, the bank currently maintains approximately $10.9 million in unrestricted general fund reserves, which are not pledged to bondholders but may be used if a deficiency occurs. The bonds are also supported by a state moral obligation to replenish the debt service reserve fund if it falls below its minimum specified level. Neither the intercept nor the moral obligation has ever been utilized, because no borrower has defaulted on a loan repayment since the bond bank began operations in 1970.Loan payments are due 15 days before the bond payment dates. Under Vermont’s state intercept provision, if a borrower fails to make its scheduled loan repayment, the bond bank will certify the failure of that payment with the state treasurer. The state treasurer would then pay the defaulted loan amount to the bank’s trustee from amounts appropriated and payable by the state to the defaulted borrower, if available. If sufficient state aid is unavailable, it will be paid from subsequent interceptable state aid payments, with bond bank reserves covering the temporary shortfall. To date, this mechanism has not been tested as there have not been any loan defaults in the history of the program.Additional information is available at is external).Applicable Criteria and Related Research:–‘Revenue-Supported Rating Criteria’ (Oct. 8, 2010);–‘State Revolving Fund and Municipal Loan Pool Rating Guidelines’ (April 28, 2008);–‘Build America Bonds Broaden Municipal Market – Credit Considerations’ (April 27, 2010).For information on Build America Bonds, visit is external).Applicable Criteria and Related Research:State Revolving Fund and Municipal Loan Pool Rating Guidelines…(link is external)Revenue-Supported Rating Criteria…(link is external)Build America Bonds Broaden Municipal Market — Credit Considerations…(link is external)ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. last_img read more

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Didier Drogba agrees with Arsenal legend Arsene Wenger over 2019 Ballon d’Or winner

first_imgDidier Drogba agrees with Arsenal legend Arsene Wenger over 2019 Ballon d’Or winner Comment Liverpool and Senegal forward Sadio Mane is up for the award (Picture: Getty)Speaking earlier in the month, Arsenal legend Wenger was asked who should win the Ballon d’Or award and said: ‘Mane was the outstanding character.ADVERTISEMENT‘I would say – because he is a fighter… and efficient. He’s not scared of anybody. At the moment, he deserves huge credit.’AdvertisementAdvertisementThe likes of Lionel Messi, Cristiano Ronaldo and Virgil van Dijk have been nominated for the Ballon d’Or but Chelsea hero Drogba also believes Mane deserves the accolade.More: FootballRio Ferdinand urges Ole Gunnar Solskjaer to drop Manchester United starChelsea defender Fikayo Tomori reveals why he made U-turn over transfer deadline day moveMikel Arteta rates Thomas Partey’s chances of making his Arsenal debut vs Man CityAsked for his favourite to win the award, Drogba told Paris Match: ‘Sadio Mane.‘For the AFCON, the Champions League, and the league championship. What he does in the Premier League, very few players are able to do it.‘It is possible, but it would have been possible [for others to win] well before. There are many players who have represented well the African continent, like Samuel Eto’o. Metro Sport ReporterSunday 27 Oct 2019 11:40 pmShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link3.4kShares Advertisementcenter_img Advertisement Didier Drogba has agreed with Arsene Wenger over the 2019 Ballon d’Or award (Picture: Getty)Didier Drogba has endorsed Arsene Wenger’s view that Liverpool forward Sadio Mane should win the 2019 Ballon d’Or.Senegal star Mane has developed into one of the best players in the world since joining Liverpool from Southampton three years ago.The 27-year-old has scored 68 goals in 137 appearances for the Reds and helped the club win the Champions League and finish second in the Premier League last season. Arsene Wenger believes the Reds star has done enough this year (Picture: Getty)‘What is a pity is that when we talk about African players, we talk about the continent, we do not speak of a country.‘We will never say ‘Kylian Mbappe represents the European continent’. It is a small shift [in mentality] that is present.‘But to return to the question, it would be really nice that Sadio, or even Salah and Aubameyang continue to raise their level of play to hope to win this trophy.’More: FootballBruno Fernandes responds to Man Utd bust-up rumours with Ole Gunnar SolskjaerNew Manchester United signing Facundo Pellistri responds to Edinson Cavani praiseArsenal flop Denis Suarez delivers verdict on Thomas Partey and Lucas Torreira moveslast_img read more

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Multi-asset manager sought for German foundation via IPE Quest [updated]

first_imgThe strategy should be “risk-managed” or “risk-targeted” and although it could invest in other funds, this should not be the main approach. Leverage should also not be the principal strategy.The investor is willing to accept pooled funds or a managed account. The benchmark should be specified and the fund managed against this.Applicants should state performance net of fees to 31 July 2019.The deadline for applications is 6 September at 5pm UK time.  Interviews with short-listed managers are due to take place around the end of September to the beginning of October, with investing possible from 15 October.This article was updated with more information from the investor on 16 August.The IPE news team is unable to answer any further questions about IPE Quest, Discovery, or Innovation tender notices to protect the interests of clients conducting the search. To obtain information directly from IPE Quest, please contact Jayna Vishram on +44 (0) 20 3465 9330 or email A Germany-based consultant has tendered a €15m multi-asset mandate for a Bavarian foundation via IPE Quest.According to QN-2559, the mandate could be split into two equal-sized lots if there is more than one “convincing” manager.The consultant is looking for a mainly long-only fund or managed account for investment in several different asset classes, but excluding real estate.The manager should have a track record of at least three years with at least €150-€200m assets under management in multi-asset strategies. The investment team should be at least partly based in a German-speaking country – Austria, Germany or Switzerland.last_img read more

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Stanley Cup Final 2019: Blues fans ready for first Cup in franchise history: ‘We will all cry’

first_imgQuite possibly no one is more excited than Ron Baechle.When you go to your first Blues game you encounter the usual: pregame videos to pump up the crowd, games played on the Jumbotron, goal songs and celebrity sightings — in St. Louis, that means the likes of Jon Hamm, Jenna Fischer and Nelly. All those traditions span across the other 30 NHL arenas, but there’s one that’s very specific to St. Louis. You see, Baechle is  “The Towel Man,” and after every Blues goal, under a spotlight, he leads 19,000 fans in counting how many goals the Blues have scored and then throws a towel to the crowd below. MORE: Jim and Pam from ‘The Office’ a house divided over Bruins vs. Blues”Twenty-nine years ago when we went to Peoria [Illinois] to watch the Rivermen, which was the farm team associated with the Blues,” Baechle told Sporting News while standing under the Al MacInnis statue outside Enterprise Center, “a gentleman by the name of Pete Martin would stand up and wave a towel, and it was neat and then after four, five, six and you’ve seen 10,000 people counting these goals, it was like, this is pretty cool.buddy and I had seats in towel man’s section at the blues game last night! 🏒🏒— Rob Woke Up And Its 2019 (@STLHometownHero) March 12, 2017″So we brought it back. We talked about it. I walked around the section I was in and talked to about a dozen people, and said, ‘They do this in Peoria, we’re going to try and start it here.’ So we started doing it.”I had partial season tickets so it took about three years for it to catch on. You could see it build from section to section to section because there was no Jumbotron; you had to just see what was going on beside you. So the third year it completely made it all the way around the arena and it just started to become something fun and a tradition.”Towel Man is a Blues tradition. At Game 4, little kids shyly asked for his autograph, adult fans went up to him to take a picture with him.”I remember as a kid the Towel Man before he was official,” Dr. Naomi Copeland — who traveled down from Chicago to attend the game with her father — said after taking a picture with him for the first time. “This guy up in the nosebleed section coming out after every goal with his towel shouting how many [goals] we had, then throwing his towel with enthusiasm.”He’s now officially a part of Blues history and Blues fandom.” As you walked closer to the arena, you could begin to hear the chanting — “Let’s Go Blues” and “We want the Cup.”The fans went home happy that night after watching their Blues secure the franchise’s first home win in a Cup Final. Now, after a 2-1 victory in Game 5 over the Bruins in Boston, a city that has been waiting 52 years for a championship may just get its wish.How to watch Bruins vs. Blues Game 6″The Cup will be in the building. It’s the closest my team has ever come,” fan Brad Lee noted via text message Friday. “I can see the light at the end of the tunnel and this time it doesn’t feel like an oncoming freight train. I’m optimistic, which is a weird feeling as a Blues fan.”I’ve been a fan for 30 years. I’ve often joked I have always loved the team and it hasn’t always loved me back. It feels different this time. It feels like this is it. And then we will all cry.”The Game 6 edition of our fan-run program is in work. You could call it a can’t miss. Hard copies will be available all afternoon Sunday, but you can get the PDF Saturday afternoon anywhere in the world for $4. Email gtbradlee at gmail for details.— What’s Chowdah? (@StLouisGameTime) June 7, 2019A victory by the longest-tenured team that has never won the Stanley Cup would register well beyond the borders of Missouri. St. Louis Game Time, a 24-page fan-run paper that has been sold outside Enterprise Arena for almost 20 years, has readers across the globe — in Seattle, Miami, Afghanistan and Japan. For Lee, who has served as the publisher since 2013, this moment is one that seemed impossible just six months ago.MORE: The Blues are in the Stanley Cup Final and we’re just as surprised as you”There was a very rough stretch, it basically stretched from December into February because, you know, a lot of people didn’t know if it was real or not,” Lee said at the Game Time tailgate prior to Game 4. “There was a tweet we sent out the first week of January and it was, basically, we were watching the postgame show with (Blues Hall of Famer) Bernie Federko on Fox Sports Midwest and he said, ‘You know what? Maybe this win means they’re turning the corner.'”I quoted him and said, ‘I can’t believe they say they’re turning the corner.’ And people were responding that when they won the Western Conference, like, ‘Oh, that aged well,’ and I was like, it was January. How much has happened between January and now? A lot.”By the by, this is from January 3rd. That’s not the mythical Philly game. It’s a 5-2 win over the defending Stanley Cup Champion Caps. So if we’re looking for a monkey’s paw…— What’s Chowdah? (@StLouisGameTime) May 18, 2019It is a pretty good story. As everyone has heard by now, the Blues fired head coach Mike Yeo in November, hired Craig Berube, still struggled and were dead last in the NHL on Jan. 3. Then, as Federko said, they turned the corner, winning 11 consecutive games. They finished third in the Central Division and defeated the Winnipeg Jets, Dallas Stars and San Jose Sharks in the West playoffs on their road to the Stanley Cup Final.”I moved here in 1973. I’ve been a season ticket holder since ’74,” Dr. Garry Vickar told Sporting News outside the arena on Monday. “I grew up in Canada, in Saskatchewan, dreaming about being at an NHL game.  To me, being at an NHL game was at first a dream. Now, a Stanley Cup … tremendously exciting.” (Jackie Spiegel) Blues fandom runs deep. It stretches generations and across the globe. Fans came from Israel, Chicago and even Boston.”I’ve been going to hockey games with my dad since I was a little kid and when we saw that this was happening, first of all, this is once in a lifetime,” said Kari Ceicys, who flew in from the Bruins’ hometown for Game 3. “First time in 49 years, last time was against the Bruins with the big old Bobby Orr, so I wanted to be a part of that magic and really wanted to get behind the team, the boys in blue. When we found that this was going to happen we were going, we were going. There was no other options about it.”The Enterprise Center has definitely been rocking. These fans have been waiting for this moment since the city was granted an expansion franchise to begin play in the 1967-68 season.  ST. LOUIS — It wasn’t even 5 p.m. on Monday, June 3, and Market Street, one of the roads that run parallel to Enterprise Center, was packed.There may have been two hours until puck drop for Game 4 of the Stanley Cup Final, but Blues fans were out in full force. There were Tarasenkos and Twists, Hulls and a lot of MacInnises; fans with hair painted blue standing in front of a statue of Pierre Laclede, the founder of St. Louis, sporting a Blues jersey. (Getty Image) MORE: SN Q&A with former Blues enforcer Cam Janssen”The fact that we’re in a Stanley Cup, I mean this is the pinnacle,” Towel Man said with a smile. “Such a great story, this team, this year that we need to finish the book. . . .  When the NFL, unjustifiably so, took a football team away from us [when the Rams moved back to Los Angeles in 2016], it was so nice to see the baseball team coordinate with the hockey team and become, if we’re not hockey we’re baseball. . . . They’ve got a great model to come after [since the Cardinals won a World Series in 2011].”But a Stanley Cup would just mean so much, so much to this city.”last_img read more

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