Local Bonds Unaffected By Downgrade Fort Smith Times Record
“My opinion is that Fort Smith is not going to suffer in the least,” Morgan Keegan Managing Director Ron Pyle said. “It has very strong credit on its own. The S&P downgrade was a half a notch and got a lot of headlines, but in reality that’s not much of downgrade going from AAA to AA-plus.”
CNN Money reported earlier this week that S&P plans to downgrade a total of about $150 billion in municipal bonds, equal to about 3 percent of the muni market.
Interest rates on public finance bonds in general have stayed low despite the downgrade to the treasuries.
“There’s a lot of uncertainty right now in the bond market,” UAFS Vice Chancellor for Finance and Administration Mark Horn said. “I wouldn’t say I’m wringing my hands, but it bears watching. This is speculation, but if interest rates are down a little bit, then it might make sense to refinance a bond issue. Basically, it’s like refinancing a mortgage on a house when interest rates go down.”
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