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Article: Philadelphia school district to issue $220 million in GOs.(general obligation bonds)
- Article from:
- The Bond Buyer
- Article date:
- October 5, 1995
- Author:
CopyrightCOPYRIGHT 1995 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The Philadelphia School District plans to sell up to $220 million of negotiated general obligation bonds today as it struggles to achieve a sound budget without being able to raise taxes.
The combined $161 million new-money and $59 million refunding issue will be negotiated because the issue is large, complex, and rated below investment grade by Moody's Investors Service, said Paul Flynn, a senior municipal bond analyst with the Vanguard Group Inc.
Since 1986, Moody's has rated the credit's uninsured long-term debt Ba1, one notch below investment grade. Standard & Poor's Corp. rates the district's underlying debt an investment-grade A, and Fitch Investors ...