FIRST CREDIT ADVISORS

November 14, 2011

The Wall Street Journal

Cities Hit as Funds from Bonds Pay other Bills

August 9 2011

DWS Investments, Desutsche Bank Group

The downgrade of the U. S. government's credit rating by Standard and Poor's shows why investors shouldn't just blindly buy the munis with the highest ratings.  Markets like these remind us why credit research is indispensable.

May 31, 2011 The Bond Buyer

WASHINGTON — Financial reporting delays by state and local governments significantly compromise the usefulness of the information to users, including financial analysts, according to a recent report by the Governmental Accounting Standards Board.

April 15, 2011

Municipal Bond Worries Spur OCC Scrutiny of Banks’ Exposure

          “What we’re going to ask our examiners to ask our banks…do you know what you’re holding? – and - Independent analysis beyond agency ratings is something banks should already be doing.” Said Keri Corn, the OCC’s Director for market risk policy. The OCC push comes from new edicts in the Dodd-Frank reform legislation that no longer permit banks and other securities holders to solely depend on credit-agency ratings to measure risk of assets. By glen Fest The Bond Buyer

February 23, 2011

Banks Urged to Reassess Holdings of Muni Bonds

            “Given the polarized debate spurred by the budget crises of state and local governments – Are widespread defaults imminent? Are the Doomsayers exaggerating? – It would be easy for bankers to fear overreacting. But business as usual, in a market where banks have been complacent about their seemingly safe municipal bond holdings, would be big mistake, experts say.”  Sara Lelpro, The Bond Buyer

August 6, 2010

No Time Like The Present for Municipal Analysts

            “Stockwell attributed the renewed push for analysis to three factors: the implosion of the bond insurance industry, the consolidation of sell-side underwriters, and the introduction of municipal products to new buyers through the Build America Bonds program”, said Mark Stockwell, director of muni research at PNC Capital Advisors.  - The Bond Buyer

CUSTOMISED INVESTOR ORIENTED PRIVATE MUNICIPAL CREDIT RESEARCH AND ANALYSIS

The most recent CAFR on this credit is showing a disturbing increase in accounts receivable.  Is there any way you can monitor that trend monthly or perhaps quarterly?

This municipality has been slow to update its' financial continuing disclosure requirements. Can you find out what is happening.

This holding was insured and had a AAA rating. Now it has no rating. What do we really own? Would you consider this to be an investment grade holding?

Is the recent financial crisis having any material affect on this community's debt?

Is this municipal holding showing any significant positive or negative credit trends?

If this thinly traded municipal holding was for sale today, what price could I realistically expect to receive?

I just received the POS on this issue today.  My broker is taking orders until the day after tomorrow.  Should I put in for any bonds?

First Credit  Advisors has answered each of these questions from our clients and many others in a timely and cost effective manner.

We do our own research and analysis.

We draw our own conclusions.

Our reports are the private property of our clients.