Guam - Representatives from the Guam Economic Development Authority, the Guam Waterworks Authority and the Calvo Administration are out in San Francisco this week making presentations to rating agencies for GWA's half-billion dollar bond to fund capital improvement projects.
According to GEDA deputy administrator Mana Silva Taijeron, the rating presentations are part of the process prior to the bonds actually being purchased. The presentations will be made to Standard & Poor's, Moody's and Fitch Ratings.
Last week a public hearing was held for Senator Tom Ada's Bill 181 authorizing GWA to borrow $495 million to projects outlined in a federal court order. That bill has yet to be passed by senators but GWA had hoped that action would be taken on the measure before the end of the month to meet court order timelines. According to Senator Ada's office, lawmakers are set to go into session on October 29.