Navajo Nation to offer $120M in bonds to finance projects
Posted: Tuesday, November 1, 2011
The Navajo Nation
is set to offer its first bond package -- $120 million that will be used to finance about 50 projects throughout the reservation.
The tribe has a strong A credit rating from Standard & Poor’s
. That's one level above the state of California's, Bloomberg News reported.
“It will be a great demonstration of Indian Country as a domestic emerging market,” Gavin Clarkson
, an associate professor at the University of Houston Law Center, told Bloomberg News of the tribe's offering.
The bond package will require investors to settle disputes in tribal court, which could lead to a bigger yield, according to one financial expert.
Get the Story:
Billionaire Navajos Rated Above California Plan First Bonds: Muni Credit
(Bloomberg News 11/1)
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