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Tag Archives: Lynn Fitch

Analysis: Mississippi tightens bond rules for long-term debt

Don’t take on long-term debt to cover day-to-day expenses. Don’t use credit to buy stuff that will wear out before it’s paid off. It’s advice many parents give their soon-to-be adult children. And, in a nutshell, it’s what the Mississippi Bond Commission says in rules it recently adopted. The rules were written partly in response to a $308 million bond ...

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Treasurer running unclaimed property booth at state fair

Mississippi State Fair checklist: Ride the Ferris wheel, eat some greasy food, check for free money. State Treasurer Lynn Fitch says her office will operate a booth at the fair so people can see if they have unclaimed money or property that’s being held by the state. The fair runs Wednesday through Oct. 16 on the State Fairgrounds in Jackson. ...

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Rating firms’ visit will assess state’s bonding strength after setbacks

By TED CARTER Representatives of the nation’s three major credit ratings agencies will be in Jackson later this month to begin grading the credit strength of the state’s approximately $562 million general obligation bond for fiscal 2016-2017. The visit comes after Fitch Ratings Service recently downgraded the state’s current general obligation and revenue bonds and Moody’s put a “negative” outlook on ...

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McCoy, Fitch to lead board

Dr. Randy D. McCoy has transitioned from vice chairman to chairman of the Board of Trustees of the Public Employees’ Retirement System of Mississippi (PERS) for fiscal year 2017, which began July 1. The Board elected State Treasurer Lynn Fitch as its new vice chairman. McCoy is a retired superintendent of the Tupelo Public School District and a board retiree ...

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State’s raids on rainy-day fund raise red flag, Moody’s warns

State Treasurer Fitch calls report to investors ‘a shot across the bow’ for legislative leaders    By TED CARTER Gov. Phil Bryant’s three draws from Mississippi’s reserve fund have left the fund at its lowest level in 13 years and led Moody’s Investor Services to warn investors the state’s fiscal position is weakening. Moody’s July 11 report characterized the drawdowns ...

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State short more than $30M in debt payment money, Fitch warns

By TED CARTER Gov. Phil Bryant and legislative leaders received more bad news late last week in a warning from Treasurer Lynn Fitch to expect a $32 million to $40 million shortfall in money available for debt service in the new fiscal year. The $111.5 million in special funds legislators thought they could use to pay debts in fiscal 2017 is ...

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Treasurer Fitch warns bond bill spells trouble for credit rating

By TED CARTER You can expect the confidence national debt rating agencies have in Mississippi’s debt repayment abilities will be diminished by the Legislature’s approval of about $560 million in new debt in a year revenues are $100 million below projections and dropping still further, state Treasurer Lynn Fitch warns. A ratings drop from the likes of Moody’s, Fitch and Standard ...

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Ingalls to get $45 million capital infusion from state

By JACK WEATHERLY  The Mississippi Legislature has continued a pattern of issuing general obligation bonds for Ingalls Shipbuilding in Pascagoula, the state’s largest private employer. Bonds totaling $45 million were approved by the Legislature in the session that ended this month as part of a $308 million package, which among other projects, calls for completion of two museums in Jackson ...

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Williams joins Fitch staff

Michelle Williams has joined the staff of State Treasurer Lynn Fitch as Chief of Staff. Williams spent nearly 25 years in Washington, D.C., primarily working on Capitol Hill. She held a number of positions there, concluding her federal service as Chief of Staff to two U.S. Representatives, including a leading member of the House Committee on Financial Services. Williams holds ...

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Truck driver wins Dem nomination for Mississippi governor

JACKSON — Mississippi Republican Gov. Phil Bryant has $2.8 million in his campaign fund, and his Democratic challenger in the November election is a truck driver who reported spending no money so far and who said he didn’t even vote in Tuesday’s primary. Robert Gray won the Democratic primary for governor over two candidates — Vicki Slater, a trial lawyer ...

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