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Tag Archives: debt

Fitch Ratings taking no action due to Kemper plant delay

KEMPER COUNTY — Fitch Ratings is not taking any rating actions following the latest cost revisions and schedule extension for the Kemper integrated gasification combined cycle (IGCC) project. On April 28, Mississippi Power announced another revision on the scheduled in-service date for Kemper IGCC and a further increase in the construction costs. Further cost increases and/or schedule extensions cannot be ...

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JMAA's airport revenue bonds downgraded due to loss of Southwest

JACKSON — Fitch Ratings has downgraded the Jackson Municipal Airport Authority’s airport revenue bonds of approximately $39.4 million to “BBB+” from “A-.” The rating outlook remains “stable. “ The downgrade reflects concerns related to the pending loss of the airport’s second largest carrier, Southwest Airlines Co. (Southwest, Fitch rated IDR “BBB” with a stable outlook), and its serviced destinations at ...

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House members add more than $61m to Senate's bill

JACKSON — Mississippi lawmakers are moving toward negotiations on state borrowing in the 2015 budget year. House members yesterday added $61.2 million before passing Senate Bill 2975. Representatives are seeking $30 million to allow the North Central Mississippi Regional Rail Authority to buy a rail line, $20 million to aid Tupelo’s Cooper Tire and Rubber Co. plant, $5 million to ...

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Report: State could afford to borrow $1.8B over next five years

JACKSON — Mississippi could borrow $1.8 billion to use for new buildings, highways and economic development incentives over the next five years and rising state revenue probably could support that amount of borrowing, a report by Treasurer Lynn Fitch suggests. The Republican state treasurer compiled a debt-affordability study after agencies that rate Mississippi’s bonds said the state needed a roadmap ...

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Fitch expects state's bond debt to drop below $4B

JACKSON — State Treasurer Lynn Fitch told lawmakers yesterday that she expects Mississippi’s bond debt to drop back below $4 billion by the end of the current budget year, for the first time since 2011. She said that’s good because bond rating agencies want to know that the state is keeping its long-term debt under control. Mississippi had nearly $4.2 ...

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Flaggs wants to see city restore its bond rating

VICKSBURG — Mayor George Flaggs Jr. has said several times since taking office he wanted to get Vicksburg’s bond rating restored in January. He now says city officials may wait a bit longer. “Even though I think we’re ready, I’m told that you do not want to apply unless you are ready to borrow money,” he said. “You don’t want ...

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Fitch gives state 'negative' bond rating; has problems with PERS

JACKSON — The Fitch credit rating agency has downgraded Mississippi’s bond rating outlook from stable to negative. The state’s bond rating remains AA+, only one notch below the highest AAA level, but the agency warns the rating could be lowered unless officials take steps to shore up finances. A lower bond rating would make it more expensive for state government ...

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Fitch takes no action after Kemper plant cost, schedule changes

KEMPER COUNTY — Fitch Ratings is not taking any rating actions following the latest cost revisions and schedule extension for the Kemper integrated gasification combined cycle (IGCC) project. Last week, Mississippi Power Company (Mississippi Power) announced a revision in the scheduled in-service date for Kemper IGCC. The operational date is delayed to the fourth quarter of 2014, from May 2014, ...

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Security Card walks away with bevy of awards

OXFORD — Security Card Services was recently recognized for its achievements and received multiple awards at the Vantiv Partnership Forum held in Boston. Vantiv Inc. awarded Security Card Services, an Oxford-based provider of merchant services processing, the following awards: • Outstanding Agent Bank Partner of the Year 2013 • Highest Rank in # of Banks Entered into Agreement • Top ...

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Mayor proposes using rainy day money for city's debt

TUPELO — Mayor Jason Shelton wants to use about $5 million from the city’s rainy day fund to pay off part of its $30 million in bonds. That could save up to $825,000 in interest over seven years, freeing up cash for big capital items such as fire trucks or tornado sirens, he told The Northeast Mississippi Daily Journal. Shelton ...

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