Convention center refinances. (Investments & Finance).The city of Los Angeles
An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. . The Los Angeles Convention and Exhibition Center Authority will take bids from investment banks on May 21 for $105 million in fixed-rated bonds. The city plans to sell the rest of the debt by early June, with interest rates that adjust periodically, through underwriters led by Goldman Sachs Group Inc., Fitch said in a report. Mayor James Hahn has proposed a $5.1 billion budget for the fiscal year beginning July 1 that depends "fairly heavily on onetime resources"' and actions for balance, including savings achieved by the bond sale, said Amy Doppelt, a managing director at Fitch. The new sale will provide about $53 million in savings over the term of the bonds, Fitch said. U.S. municipal bond sales from January to April set a record for that period, driven in part by refinancings that also helped push tax-exempt borrowing in 2002 to a new annual high, according to Thomson Financial Thomson Financial A major provider of information, analytical tools, and consulting services to the financial community. The firm, a division of Thomson Corporation, is best known to investors for its First Call segment, which publishes consensus earnings . Interest rates for tax-exempt bonds fell last week to the lowest level since 1968 as measured by the Bond Buyer 20-Bond General Obligation Index. Fitch rates the Los Angeles convention center The Los Angeles Convention Center (abbreviated LACC) is a convention center in downtown Los Angeles. The LACC hosts annual events such as the Greater Los Angeles Auto Show, and was best known to video games fans as host to E3 until its cessation in 2006. bonds AA-, the fourth-highest level, citing the security provided by lease rental payments from the city. The city plans to insure the bonds against default to provide AAA AAA: see American Automobile Association. (Triple A) A common single-cell battery used in a myriad of electronic devices of all variety. Like its double A (AA) cousin, it provides 1.5 volts of DC power. When used in series, the voltage is multiplied. ratings. An insured 20-year municipal bond yields 4.47 percent, according to Bloomberg data. A California resident in the top federal and state income tax brackets would need to earn 8.03 percent on a taxable bond Taxable Bond A debt security whose return to the investor is subject to taxes at the local, state or federal level, or some combination thereof. Notes: The majority of bonds issued are taxable bonds. to match a tax-free 4.47 percent. |
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