Lance Greco - RBC Wealth Management - Cedar Rapids, IA
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Lance  Greco - Cedar Rapids, IA
Lance Greco 
Associate Vice President - Financial Advisor
221 3rd Ave. SE
Suite 550

Cedar Rapids, IA 52401
Map & Directions

Phone: (319) 368-7030

My Goal Is to Help You Reach Yours!

Puerto Rico Bond News

Moody’s Follows S&P’s Lead and Downgrades Various Commonwealth Debt

On February 7, Moody’s downgraded Commonwealth GO debt to Ba2 from Baa3, Puerto Rico Aqueduct and Sewer debt to Ba2 from Ba1, and the Sales Tax Financing Corporation’s junior lien bonds to Baa1 from A2. Moody’s maintained a negative outlook on the downgraded issues. The primary drivers of the downgrade were years of deficit financing, pension underfunding, budgetary imbalance, and seven years of economic contraction.


Puerto Rico
’s Senate Approves Borrowing Bill

The Commonwealth is expecting to come to market with a $2.8 billion offering in early March. The new GO deal marks the Commonwealth’s first foray into the muni market since 2012. The new offering is expected to address the Commonwealth’s liquidity needs for the next one to two years.

The Commonwealth is expected to use the proceeds to restructure approximately $600 million of fiscal 2013 GO debt service, $575 million in fiscal 2014 debt service, and $175 million in fiscal 2013 Public Building Authority debt service. The Commonwealth also plans on redeeming approximately $873 million in short-term notes and floating rate debt.

An investor conference call which discussed the island nation’s finances and economy has helped Commonwealth GO debt stage a nice rally ahead of the bond sale.


Fitch Jumps Onboard: Downgrades GO and Puerto Rico Electric Power Authority

On February 18, Fitch Ratings downgraded the power authority’s revenue bonds to BB+ from BBB- and revised the outlook to negative from stable. The downgrade, primarily driven by Fitch’s recent rating action on Commonwealth GO debt (February 11, BBB- to BB), highlights the continuing challenges related to the weak economy and strained liquidity. The Electric Authority’s financial performance has weakened in recent years narrowing its debt service coverage ratio.

 


For the latest update on Puerto Rico or help evaluating municipal bonds which you currently own, call me at (319) 368-7030 or just send me an email at  lance.greco@rbc.com

 




What Can I Do for You?

Serving as a financial advisor since 1993, I have a sense of the services clients view as adding value. I also understand that I am not, nor do I desire to be all things to all people. This allows me to focus my efforts on the mission of my practice:

To help clients get to where they want to be in three basic steps:

  1. Gather information, define and prioritize financial goals
  2. Recommend and implement appropriate strategies to move in the desired direction
  3. Monitor progress at regular intervals, making necessary adjustments to stay on course with the goal of reaching the client’s desired state at the desired time.


This is the core of what I do. It is relevant to anyone wanting to reach their financial goals — whether planning for, or already enjoying their retirement.

 

It's Not Just About the Money! 
It is never just about the money. Money has no intrinsic value. Its value lies in what it enables you to do. That’s why, as a financial advisor, I need to understand what my clients want to accomplish at a deep level to truly offer excellent guidance. After all, the money is always connected to the goals.

 

Core Investment Discipline Statement (See Essential Reading in upper left hand box above) 
My core investment discipline helps clients to weather the significant ups and downs of difficult markets by preparing for them in advance, helping them to maintain investment discipline, reduce the level of emotion in their investment process and reduce potential harm to their investment portfolios.

 



How 'Sensitive' is Your Retirement Portfolio?
To fully appreciate your portfolio’s "sensitivity" to all variables that will impact a comfortable retirement, you need to look beyond performance. Inflation, taxes, life expectancy and health care are just a few of the variables that could significantly alter your disposable income during retirement. For a more comprehensive look at retirement income planning, review our Retirement Funding Sensitivity™ white paper, then call me to discuss your retirement plan.

Taking the Next Step
Whether you're a current client who would like to review your portfolio, or a potential client that would like to learn more about my approach, I would love to hear from you.  To set up a consultation click on the Contact Me box.

Contact Me


Lance Greco is currently registered to conduct business with residents of the following states: AZ, CA, CO, FL, IA, IL, IN, MI, MN, NC, NJ

Non-U.S. residents click here. Please note that not all of the services and products mentioned in this site are available in every state. The information within this web site has been prepared for informational purposes only and is not an offer to buy or sell, or a solicitation of an offer to buy or sell, any security or instrument or to participate in any particular investment or trading strategy.


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