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Governor Carney Announces Delaware’s General Obligation Bonds Again Earn Triple-A Ratings and Attract Excellent Pricing – State of Delaware News
WILMINGTON, Del. – Governor Carney on Tuesday announced that the State of Delaware has once again received the highest possible AAA/Aaa ratings from the nation’s top rating services.
The State of Delaware received competitive bids on Tuesday for its upcoming sale of $359 million of General Obligation Bonds. The State’s bonds carry the highest possible ratings assigned by the nation’s major rating services – Fitch, Moody’s, KBRA and S&P Global Ratings – contributing to excellent results for the State and Delaware’s taxpayers.
“Delawareans deserve a state government that responsibly manages taxpayer dollars,” said Governor John Carney. “I was proud to work with then-Governor Tom Carper in the 1990s when Delaware first achieved a triple-A rating from the major bond rating agencies. Over the last quarter century — through good times and bad — our General Assembly and Governors worked hard to sustain our commitment to economic growth and responsible financial stewardship. I’m confident this will remain a top priority for Delaware’s leaders.”
Ratings are assigned based on criteria that include the State’s financial performance and management, overall debt load, and approach to long-term issues ranging from financial obligations to economic development trends. The highest ratings, Aaa/AAA, are granted to states that are best managed and prepared to meet debt obligations during periods of recession or fiscal stress. The higher a state’s credit rating, the lower its cost to repay bonds.
“Bond buyers continue to show a strong appetite for investing in Delaware. Despite a significantly higher interest rate environment today than just a couple years ago, today’s bids were very competitive,” said Secretary of Finance Rick Geisenberger. “The State’s total interest costs on its new bonds is 3.51%. That’s an increase of about 40 basis points versus last year’s bonds, consistent with Federal Reserve Policy moves over the last year. State taxpayers also realized $6.1 million in savings by refinancing $77 million of existing debt.”
All three rating reports related to the upcoming sale noted the importance of the State’s responsible budget practices and debt management practices. Fitch stressed the “proactive management and institutionalized protections designed to ensure surplus operations.” S&P’s report commented, “the State limits tax-supported debt…and adheres to clearly defined affordability parameters and rapid amortization.” Moody’s focused their comments on “strong limits on appropriations … while allocating surplus funds to non-recurring projects.” All agencies continue to regard the ratings as “stable” underpinned by the state’s strong reserves and continued economic growth.
“Delaware’s financial condition has never been stronger,” said Treasurer Colleen Davis. “The Delaware Treasury in collaboration with the Cash Management Policy Board continues to monitor strong liquidity and reserves. This lowers the State’s borrowing costs and increases interest income available for critical investments in schools, public safety, and our quality of life.”
Proceeds of the sale will fund a portion of the State’s capital program as well as refund previous bonds to realize debt service savings. Closing on the sale and receipt of bond proceeds is scheduled for May 15, 2024.
Rating reports can be found at the Delaware Department of Finance’s website.
Related Topics: general obligation bonds, triple-A rating
Keep up to date by receiving a daily digest email, around noon, of current news release posts from state agencies on news.delaware.gov.
Here you can subscribe to future news updates.
WILMINGTON, Del. – Governor Carney on Tuesday announced that the State of Delaware has once again received the highest possible AAA/Aaa ratings from the nation’s top rating services.
The State of Delaware received competitive bids on Tuesday for its upcoming sale of $359 million of General Obligation Bonds. The State’s bonds carry the highest possible ratings assigned by the nation’s major rating services – Fitch, Moody’s, KBRA and S&P Global Ratings – contributing to excellent results for the State and Delaware’s taxpayers.
“Delawareans deserve a state government that responsibly manages taxpayer dollars,” said Governor John Carney. “I was proud to work with then-Governor Tom Carper in the 1990s when Delaware first achieved a triple-A rating from the major bond rating agencies. Over the last quarter century — through good times and bad — our General Assembly and Governors worked hard to sustain our commitment to economic growth and responsible financial stewardship. I’m confident this will remain a top priority for Delaware’s leaders.”
Ratings are assigned based on criteria that include the State’s financial performance and management, overall debt load, and approach to long-term issues ranging from financial obligations to economic development trends. The highest ratings, Aaa/AAA, are granted to states that are best managed and prepared to meet debt obligations during periods of recession or fiscal stress. The higher a state’s credit rating, the lower its cost to repay bonds.
“Bond buyers continue to show a strong appetite for investing in Delaware. Despite a significantly higher interest rate environment today than just a couple years ago, today’s bids were very competitive,” said Secretary of Finance Rick Geisenberger. “The State’s total interest costs on its new bonds is 3.51%. That’s an increase of about 40 basis points versus last year’s bonds, consistent with Federal Reserve Policy moves over the last year. State taxpayers also realized $6.1 million in savings by refinancing $77 million of existing debt.”
All three rating reports related to the upcoming sale noted the importance of the State’s responsible budget practices and debt management practices. Fitch stressed the “proactive management and institutionalized protections designed to ensure surplus operations.” S&P’s report commented, “the State limits tax-supported debt…and adheres to clearly defined affordability parameters and rapid amortization.” Moody’s focused their comments on “strong limits on appropriations … while allocating surplus funds to non-recurring projects.” All agencies continue to regard the ratings as “stable” underpinned by the state’s strong reserves and continued economic growth.
“Delaware’s financial condition has never been stronger,” said Treasurer Colleen Davis. “The Delaware Treasury in collaboration with the Cash Management Policy Board continues to monitor strong liquidity and reserves. This lowers the State’s borrowing costs and increases interest income available for critical investments in schools, public safety, and our quality of life.”
Proceeds of the sale will fund a portion of the State’s capital program as well as refund previous bonds to realize debt service savings. Closing on the sale and receipt of bond proceeds is scheduled for May 15, 2024.
Rating reports can be found at the Delaware Department of Finance’s website.
Related Topics: general obligation bonds, triple-A rating
Keep up to date by receiving a daily digest email, around noon, of current news release posts from state agencies on news.delaware.gov.
Here you can subscribe to future news updates.
Rahway NJ: Burglaries and car thefts on the rise in Rahway, police say
The Rahway Police Department reports a significant uptick in residential break-ins linked to a growing trend of high-end vehicle theft groups operating within the state. Seen here is an alleged attempted vehicle theft incident.
ALEXANDRIA – The best chance Bernards High School’s baseball team had of breaking through on Delaware Valley ace lefty Ryan Auten Tuesday afternoon was in the first inning.
The Mountaineers loaded the bases with one out on two singles and walk. But the 6-foot-5 sophomore struck out two to end the threat. He eventually got in his rhythm and did what’s come to be expected of him – he dominated.
The Terriers had a four-run fourth inning sparked by senior Brady Riordan’s three-run homer and went on to win 5-0.
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Auten allowed only those two first inning hits, struck out 12 and walked two in his 5 2/3 inning, 91-pitch effort. Dan Shapiro went the last 1 1/3 innings.
“I struggled in the beginning with walks, but then focused up, threw strikes, got my pitches in and did my thing,” said Auten.
Del Val took a big step in taking the Skyland Conference Valley Division title. The Terriers (8-3-1) are 5-1-1 in the division with one game left with Phillipsburg. Bernards (6-6-1) is 4-2 with games against Phillipsburg and Gill St. Bernard’s left.
Auten was coming off an 111-pitch, 6 1/3 inning effort against Gill St. Bernards last Thursday so coach Marty White was sure not to push the youngster.
“He’s fantastic, and I think he might be the best pitcher in the conference,” said White. “When he comes out and hits his spots, I mean he just starts going and blowing past batters.
“He’s legit, he’s gonna be a D1 player somewhere, We weren’t going to run him past 90 (pitches) today. He had a 4 1/2 day rest and we felt comfortable with that.”
Auten pitched five innings with 10 strikeouts and five walks against Bernards April 11 in a 4-2 win. Shapiro got the win in relief.
Bernards senior ace Evan Hoeckle, who took the loss in that game despite 6 1/3 strong innings, went six innings in the rematch, He allowed seven hits with six strikeouts, a walk and a hit by pitch.
“We didn’t put the ball in play enough,” said Bernards coach Jeff Falzarano. “We took too many fastballs down the gut, and you have to hit fastballs. You can’t let him get into a positive count. We have to play better defense, and we can’t strike out 14 times.”
Sophomore Cooper Fransen had two hits, a run scored and stolen base for Del Val. Junior catcher Matt Falzarano – coach Falzarano’s son – had two hits and a walk.
Delaware
Delaware judge refuses to fast-track certain claims in post-merger lawsuit against Trump Media
A Delaware judge has granted a request by attorneys for Donald Trump and Trump Media & Technology Group, parent company of his Truth Social platform, to slow down a merger-related lawsuit filed by two cofounders of the company
DOVER, Del. — A Delaware judge on Tuesday granted a request by attorneys for Donald Trump and Trump Media & Technology Group, parent company of his Truth Social platform, to slow down a lawsuit filed by two cofounders of the company.
Vice Chancellor Morgan Zurn said Andrew Litinsky and Wesley Moss, former contestants on Trump’s TV show, “The Apprentice,” failed to justify putting certain claims in their lawsuit on a fast track for court rulings.
Litinsky and Moss filed a lawsuit in February claiming that Trump Media planned to dilute their stake in the company as part of a merger that took it public in late March. A different judge agreed to fast-track that lawsuit given the impending merger date. However, the plaintiffs’ concerns about their limited liability company’s 8.6% stake in Trump Media being diluted were mooted when defense attorneys assured the judge that the LLC, United Atlantic Ventures, would suffer no merger-related dilution.
Following the merger, UAV filed a second amended complaint claiming that Trump and other defendants improperly imposed a “lock up” provision preventing UAV from selling its shares in the public company for six months. They simultaneously argued that the case should remain on the fast track because they would be harmed if they have to wait six months to sell their shares.
Zurn noted that UAV was on notice about the lockup provision on Feb. 12 as the result of a filing that day with the Securities and Exchange Commission. That was followed by two other SEC filings documenting the lockup provision.
UAV also wanted Zurn to fast-track arguments on its request for an “anti-suit injunction” prohibiting Trump Media from pursuing a Florida lawsuit against UAV. That lawsuit alleges that, because of pre-merger mismanagement by Moss and Litinsky, UAV has no right to own shares in the newly public Trump Media company. The Florida lawsuit also challenges UAV’s assertion that it has the right to appoint two directors to the Trump Media board.
Attorneys for Trump Media argue that the Florida lawsuit does not violate the Delaware court order because UAV in fact received its post-merger shares. They also say the venue provision does not apply to Trump Media and Technology Group.
Zurn said she was reluctant to expedite arguments on whether the Florida lawsuit complies with the venue provision, and whether its claims should be governed by Delaware law. She did say, however, that arguments on whether the filing of the Florida lawsuit violated the March 15 court order in Delaware “should be heard rapidly.”
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