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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Trollfest '09

Trollfest '07 was such a success that Jackson Jambalaya will once again host Trollfest '09. Catch this great event which will leave NE Jackson & Fondren in flames. Othor Cain and his band, The Black Power Structure headline the night while Sonjay Poontang returns for an encore performance. Former Frank Melton bodyguard Marcus Wright makes his premier appearance at Trollfest singing "I'm a Sweet Transvestite" from "The Rocky Horror Picture Show." Kamikaze will sing his new hit, “How I sold out to da Man.” Robbie Bell again performs: “Mamas, don't let your babies grow up to be Bells” and “Any friend of Ed Peters is a friend of mine”. After the show, Ms. Bell will autograph copies of her mug shot photos. In a salute to “Dancing with the Stars”, Ms. Bell and Hinds County District Attorney Robert Smith will dance the Wango Tango.

Wrestling returns, except this time it will be a Battle Royal with Othor Cain, Ben Allen, Kim Wade, Haley Fisackerly, Alan Lange, and “Big Cat” Donna Ladd all in the ring at the same time. The Battle Royal will be in a steel cage, no time limit, no referee, and the losers must leave town. Marshand Crisler will be the honorary referee (as it gives him a title without actually having to do anything).


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Donna Ladd of The Jackson Free Press will give several classes on learning how to write. Smearing, writing without factchecking, and reporting only one side of a story will be covered. A donation to pay their taxes will be accepted and she will be signing copies of their former federal tax liens. Ms. Ladd will give a dramatic reading of her two award-winning essays (They received The Jackson Free Press "Best Of" awards.) "Why everything is always about me" and "Why I cover murders better than anyone else in Jackson".

In the spirit of helping those who are less fortunate, Trollfest '09 adopts a cause for which a portion of the proceeds and donations will be donated: Keeping Frank Melton in his home. The “Keep Frank Melton From Being Homeless” booth will sell chances for five dollars to pin the tail on the jackass. John Reeves has graciously volunteered to be the jackass for this honorable excursion into saving Frank's ass. What's an ass between two friends after all? If Mr. Reeves is unable to um, perform, Speaker Billy McCoy has also volunteered as when the word “jackass” was mentioned he immediately ran as fast as he could to sign up.


In order to help clean up the legal profession, Adam Kilgore of the Mississippi Bar will be giving away free, round-trip plane tickets to the North Pole where they keep their bar complaint forms (which are NOT available online). If you don't want to go to the North Pole, you can enjoy Brant Brantley's (of the Mississippi Commission on Judicial Performance) free guided tours of the quicksand field over by High Street where all complaints against judges disappear. If for some reason you are unable to control yourself, never fear; Judge Houston Patton will operate his jail where no lawyers are needed or allowed as you just sit there for minutes... hours.... months...years until he decides he is tired of you sitting in his jail. Do not think Judge Patton is a bad judge however as he plans to serve free Mad Dog 20/20 to all inmates.

Trollfest '09 is a pet-friendly event as well. Feel free to bring your dog with you and do not worry if your pet gets hungry, as employees of the Jackson Zoo will be on hand to provide some of their animals as food when it gets to be feeding time for your little loved one.

Relax at the Fox News Tent. Since there are only three blonde reporters in Jackson (being blonde is a requirement for working at Fox News), Megan and Kathryn from WAPT and Wendy from WLBT will be on loan to Fox. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both and a torn-up Obama yard sign will entitle you to free drinks served by Megan, Wendy, and Kathryn. Get your tickets now. Since this is an event for trolls, no ID is required. Just bring the hate. Bring the family, Trollfest '09 is for EVERYONE!!!

This is definitely a Beaver production.


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Trollfest '07

Jackson Jambalaya is the home of Trollfest '07. Catch this great event which promises to leave NE Jackson & Fondren in flames. Sonjay Poontang and his band headline the night with a special steel cage, no time limit "loser must leave town" bout between Alan Lange and "Big Cat"Donna Ladd following afterwards. Kamikaze will perform his new song F*** Bush, he's still a _____. Did I mention there was no referee? Dr. Heddy Matthias and Lori Gregory will face off in the undercard dueling with dangling participles and other um, devices. Robbie Bell will perform Her two latest songs: My Best Friends are in the Media and Mama's, Don't Let Your Babies Grow up to be George Bell. Sid Salter of The Clarion-Ledger will host "Pin the Tail on the Trial Lawyer", sponsored by State Farm.

There will be a hugging booth where in exchange for your young son, Frank Melton will give you a loooong hug. Trollfest will have a dunking booth where Muhammed the terrorist will curse you to Allah as you try to hit a target that will drop him into a vat of pig grease. However, in the true spirit of Separate But Equal, Don Imus and someone from NE Jackson will also sit in the dunking booth for an equal amount of time. Tom Head will give a reading for two hours on why he can't figure out who the hell he is. Cliff Cargill will give lessons with his .80 caliber desert eagle, using Frank Melton photos as targets. Tackleberry will be on hand for an autograph session. KIM Waaaaaade will be passing out free titles and deeds to crackhouses formerly owned by The Wood Street Players.

If you get tired come relax at the Fox News Tent. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both will entitle you to free drinks.Get your tickets now. Since this is an event for trolls, no ID is required, just bring the hate. Bring the family, Trollfest '07 is for EVERYONE!!!

This is definitely a Beaver production.

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