Bi-State Development Agency for Missouri-Illinois Set for Bond Sale
During the week of June 24, the Bi-State Development Agency for the Missouri-Illinois Metropolitan District would offer for sale US$367.03 million worth of lien mass transit sales tax appropriation bonds.
The 2013A series bonds are projected to be priced by either Wednesday or Thursday. In managing the deal, RBC Capital Markets has been tapped according to preliminary official statements made.
Early Wednesday, the Standard and Poor's Ratings Services had advised that it would be raising the agency's long term and undelying ratings to AA minus.
According to credit analyst from S&P John Kenward, "The rating action is due to the agency's plans to refund all other parity debt with series 2013A bond proceeds, which will substantially increase debt service coverage of the series 2009 bonds and close the lien."
Furthermore, S&P had tagged the firm's upcoming bond sale as AAplus. The said bonds would be sold through public auction by the aforementioned date.