Daily News | Wall Street boosts Philly’s credit rating as referendum on rainy-day fund nears
have convinced Wall Street to boost the city’s credit rating, easing its borrowing costs.
Rival Standard & Poor’s on April 20 said it was considering a similar Philadelphia upgrade, lifting the city to its equivalent AA rating, if the city continued its “conservative” tax and funding practices.The upgrades would put Philadelphia’s credit on a level with New York City’s, shaving an estimated $7 million off the total interest costs of its annual general-obligation bond borrowings, among other gains, according to a February analysis for City Council by Econsult Solutions Inc.
Investors accept lower interest on bonds they buy from high-rated cities and other borrowers, because those bond issuers are considered more likely to repay the money, plus the interest. The first ballot question facing voters in this month’s primary would make it easier to set aside cash when Philadelphia runs a surplus , with revenues ahead of spending, according to council member Katherine Gilmore Richardson, who”I was so pleased” to see the rating agencies’ positive reports, she said Thursday. . “Our rainy day fund will actually save the city money,” because a higher bond rating means lower interest rates.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Asian markets set to fall ahead of Fed policy decision, tracking losses on Wall StreetAsia-Pacific markets are lower as investors look forward to the Fed's policy decision early Thursday morning.
Read more »
Wall Street subdued on caution ahead of Fed meeting outcomeWall Street's main indexes were muted on Wednesday as investors steered clear of big bets ahead of the Federal Reserve's policy decision later in the day, while regional banks took a breather after a steep selloff in the previous session.
Read more »
Qualcomm stock slides as outlook falls short of Wall Street expectationsQualcomm Inc. shares decline in the extended session Wednesday after the chip maker's outlook fell short of Wall Street estimates.
Read more »
PacWest shares crumble as Wall Street shuns midsize banksShares of PacWest Bancorp crumbled after the close of trading on Wednesday, diving 55% to $2.88 amid a report by Bloomberg News that the $44 billion bank is weighing its strategic options, including a possible sale.
Read more »
Some Wall Street Takes On Tesla's Q1 2023 Earnings - CleanTechnicaTesla’s Q1 earnings call saw mixed responses from Wall Street, largely due to how its price cuts affected its margins during the quarter.
Read more »
Wall Street ends down on nagging uncertainty about Fed rate pathU.S. stocks ended lower on Wednesday, reversing gains after comments by Federal Reserve Chair Jerome Powell left investors wondering what the U.S. central bank's next move would be with interest rate hikes.
Read more »