Bloomberg News
Louisiana plans to sell bonds four more times this fiscal year and at least twice more in the next fiscal year, a Louisiana state official said Thursday. Amounts were not discussed and were not immediately available.
The state will issue a new money general obligation bond, refund a GO bond and a gas and fuel tax bond, and issue Office Facilities Corp.-dependent debt for a state office building in Shreveport by June 30, State Debt Officer Jessyka Munoz told the Louisiana State Bond Commission Thursday.
The state plans to sell a gas and fuel tax refunding bond in the coming fiscal year, with the refunded bond becoming callable in November, Munoz said. The state also plans to sell GARVEEs next fiscal year,
Munoz said the state
Moody’s Ratings rates the state Aa2 and S&P Global Ratings and Kroll Bond Ratings Agency rate it AA. Fitch Ratings rates it AA-minus. S&P
State Treasurer John Fleming said at least two-thirds of states are rated higher than Louisiana. The state rating forces it to pay higher interest rates on debt. He wants the state to find a way to pay down debt and reduce its debt load.
Fleming said he expects to meet with Fitch representatives in the next two months to try to convince them to upgrade the state.
State Representative Tony Bacala, a member of the commission, noted the state has about the 15th highest per capita debt in the country, which he called concerning, and also advocated debt reduction.
The state had $8.6 billion in net state tax supported debt as of December 31 and an additional $1.3 billion in non NSTSD secured by its full faith and credit, annual appropriations or specified revenue streams, Munoz said.
During the meeting the commission approved a request from the Louisiana Community Development Authority to issue $40 million in revenue bonds with maturities no longer than 20 years for the Cameron Parish School District Project.