Thursday, June 22, 2017

Moody's downgrades Hinds GO bond rating

Moody's downgraded the rating of Hinds County's general obligation bonds from Aa2 to Aa3 in a bulletin issued yesterday:


Issue: General Obligation Refunding Bonds, Series 2017A; Rating: Aa3; Rating Type: Underlying LT; Sale Amount: $8,920,000; Expected Sale Date: 06/28/2017; Rating Description: General Obligation;

Summary Rating Rationale

Moody's Investors Service has downgraded, to Aa3 from Aa2, the general obligation rating of Hinds County, MS, affecting approximately $40 million in outstanding debt. Concurrently, we assigned a Aa3 rating to the county's $8.9 million General Obligation Refunding Bonds, Series 2017A. The downgrade to Aa3 reflects the county's below average financial reserves relative to comparably rated counties, below average resident wealth levels, and elevated pension obligations. The rating further considers the county's large and stable tax base with institutional presence in the state capital of Jackson and a manageable debt burden, inclusive of Mississippi Development Authority (MDA) loans secured by the county and supported by third parties.....  Moody's bulletin.
Those two loans would be for the Westin Hotel and Continental Tire projects.  Elevated pension obligations is translated into PERS. 

The AA2 rating is Moody's fourth highest rating. 

9 comments:

Anonymous said...

Querstion, what is the average bond rating for similar counties across the country? Secondly, I think that there is a lot of fat to cut within the county: the maintenance crews, the engineers paid to wash their hands of things, and so forth.

Anonymous said...

Hinds had the same rating as the state until yesterday. Only a handful of counties were rated that high and none are rated higher.

Interesting that Moody's cites "below average resident wealth levels" and the PERS shortfall. If they apply that criteria, every county in the state but maybe 3 will be staring a bond rating downgrades soon.

Anonymous said...


THE FAT LADY IS FIXING TO SING !!!!!!!!!!!!!!!!

Anonymous said...

Nothing to see


keep moving


Nothing at all to see


do not be alarmed


The powers that be will keep on being


Keep moving



nothing to see




EVERYTHING IS UNDER CONTROL









Anonymous said...

Pers will be the biggest issue our state faces in the next 10 years. Pat is getting out because she knows it is in the crap tank. Counties have to place the unfunded liability of Pers on their balance sheets, because when she sinks they have to pay up. Pers is poorly run. And their deferred comp program is Total junk. Trust me I know first hand.

Anonymous said...

Why buy a Hinds County bond. I live on bonds and there are only a few Mississippi bonds I will buy at any rate.

Anonymous said...

BS you don't buy individual bonds like that. You just want to pile on. I guess you only buy Madison bonds. Uh huh.

Anonymous said...

If you live on bonds you are broke. Or full of BS

Anonymous said...

I live on bonds. Because I am an idiot.



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