Guam News - Guam News

Guam - Governor Eddie Calvo has returned from San Francisio where he and his fiscal team made their best pitch for a favorable bond rating for the Series B Bond to pay more over due tax refunds.

A release from the Governor's office says that the fiscal team is optomistic for a favorable rating. The rating is not due until the end of May.

READ the Governor's release in FULL below:

SERIES B BOND NEWS: Governor, Fiscal Team Remain Optimistic for Series B Bond Ratings

Governor Eddie Baza Calvo and the administration’s fiscal team returned from meetings with bond rating agencies, optimistic about ratings needed to secure the Series B Bond to help pay overdue tax refunds.

“The ratings agencies indicated they were impressed with the administration’s efforts to contain the government’s deficit and strengthen GovGuam’s overall financial position.  We made it clear that our economic development efforts do not hinge on the buildup alone and that we are committed to implementing both economic enhancement and deficit elimination strategies.” Governor Calvo said.  “They were pleased with all the work we’ve done to date.  We remain cautiously optimistic about the upcoming ratings and we will continue to move forward with our fiscal stabilization plans.”

The Fiscal Responsibility and Tax Refund Commission will be meeting next week on Tuesday, May 8, 2012, at 9 a.m. in the Governor’s Conference Room at the Ricardo J. Bordallo Governor’s Complex, Adelup.

Governor Calvo’s financial advisors will be presenting the administration’s FRTRC plan in response to PL 31-76, although this plan is no longer required to obtain the Series B bonds.

“This administration has been committed to getting this government back on a course of fiscal responsibility and sustainability,” Governor Calvo said.  “We will move forward with our Fiscal Stabilization and Sustainability Plan, which is the comprehensive plan that contains several components of the FRTRC plan.  We feel it is necessary to outline and adhere to a planned course of action toward financial stability.”

The administration will provide all updates regarding bond news as information becomes available.