Takeaways by Bloomberg AI

• Hedge funds with a stake in Brightline’s corporate debt are crafting a plan to elevate their claims over other creditors by offering new financing and concessions.
• The plan would require creditor consent from a group of corporate bondholders who control a majority of the debt and would involve a maneuver to leapfrog other holders of the same debt.
• Brightline has enough cash to make payments on senior municipal debt and junior corporate notes through 2026, but it’s unclear whether the railroad has enough cash to make a Jan 15 interest payment on unrated junior municipal bonds.

Continue reading.

Bloomberg Markets

By Eliza Ronalds-Hannon and Reshmi Basu

December 10, 2025

The Public Energy Authority of Kentucky is issuing $750 million in bonds to finance gas supply and refund outstanding debt.

Proceeds from the Gas Supply Revenue Refunding Bonds, 2025 Series C, would be used to refund all outstanding Gas Supply Revenue Bonds, 2020 Series A, according to a preliminary official statement published Wednesday on MuniOs. They will also pay the cost of acquiring additional quantities of gas to be delivered under the Gas Project, besides funding capitalized interest.

The securities fund the PEAK’s Gas Project, which aims to provide secure, reliable, and economic supplies of natural gas. The project consists of PEAK’s purchase of gas under a prepaid agreement and subsequent sale to participating municipal utility systems.

The bonds are tax exempt. Yields and coupons are yet to be defined. The bonds will mature on May 1 and Nov. 1 of each year, up to May 1, 2036. Maturity can be extended as far as June 1, 2056.

The securities are payable mainly from PEAK revenues, including payments from project participants. Total operating revenues for the year ended June 30, 2024, were $352.4 million.

Moody’s has assigned a rating of A1 to the bonds.

Morgan Stanley and Academy Securities are underwriters.

Write to Paulo Trevisani at paulo.trevisani@wsj.com

(END) Dow Jones Newswires

December 11, 2025 14:26 ET (19:26 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

Takeaways by Bloomberg AI

• A municipal-bond deal will help finance the purchase of land to build 389 houses and apartments in Big Sky, Montana, to address the affordable housing shortage.
• The bonds are backed by a 1% resort tax levied on goods sold in the area, which has surged during the pandemic, making bond financing for affordable housing a possibility.
• The new neighborhood, dubbed Cold Smoke, will have apartments available for rent in 2028 and homes ready for purchase in 2029, with properties restricted based on income levels for people who work in Big Sky.

Continue reading.

Bloomberg Markets

By Amanda Albright

December 11, 2025

A California hospital about 70 miles north of Sacramento filed for Chapter 11 bankruptcy Monday after failing to sell itself or secure an affiliation with a larger hospital system.

The nonprofit Oroville Hospital has been struggling to pay $193 million of outstanding municipal debt used to finance a new tower. The construction of the facility was completed in March but its opening was delayed as the hospital awaits state approvals, according to a local news report.

“We believe this filing is an important step toward securing the hospital’s long-term future as a vital healthcare provider and employer in our community,” the hospital said in a statement. “The purpose of the filing is to facilitate a court-supervised transaction with a partner that has the resources and operating experience to invest in the hospital and maintain its mission for the benefit of all our stakeholders.”

Continue reading.

Bloomberg Markets

By Martin Z Braun

December 9, 2025

The ‘AAA’ rating on the New York City Transitional Finance Authority (TFA) subordinate future tax-secured (FTS) revenue bonds reflects solid long-term growth prospects for pledged revenue and the bonds’ highly resilient structure. Fitch Ratings anticipates that the bond structure will be able to withstand changes in economic cycles and maintain solid debt service coverage.

Access Report

Mon 15 Dec, 2025 – 4:15 PM ET

The Ohio State University’s (OSU) ‘AA+’ Issuer Default Rating (IDR) reflects its strong demand characteristics, with continued growth in freshmen applications, sound cash flow generation, and good balance sheet metrics. Proceeds from the series 2026A bonds will be used to refinance series 2010C Build America Bonds and pay the costs of issuance.

Access Report

Fri 12 Dec, 2025 – 5:19 PM ET

A federal judge is allowing a case to proceed challenging Ohio’s plan to fund a new Cleveland Browns stadium with residents’ unclaimed funds. Attorneys for the state had asked the judge to dismiss the case; plaintiffs wanted to halt any transfer of money out of the unclaimed funds trust fund.

U.S. District Judge Edmund Sargus declined to do either. But Jeff Crossman, an attorney representing the citizens challenging the state doesn’t see it as a draw.

“I think the judge is convinced there’s some smoke here, and there might actually be some fire as well,” he said, “and that’s why he’s letting the case proceed.”

Crossman remains optimistic about their case and said they’re still considering an appeal to halt the transfers set to begin Jan. 1, 2026.

Continue reading.

ohiocapitaljournal.com

By Nick Evans

December 12, 2025

A drought in South Texas caused Moody’s Ratings to downgrade the city of Corpus Christi, which projects demand for water will outpace supply by the spring of 2027.

The ratings company lowered the city of roughly 320,000 people to A1 from Aa2 and also cut its utility revenue bond rating to A1 from Aa3. The Gulf Coast municipality roughly 400 miles (640 kilometers) south of Dallas has about $2 billion in debt outstanding.

City Manager Peter Zanoni said in a Friday statement that the city is “fully committed to aggressively addressing the need for water supply diversification.”

Continue reading.

Bloomberg Markets

By Amanda Albright

December 15, 2025 at 8:43 AM PST

The initiative centers on Senate Bill 1851, which took effect this year.

Dallas is one of nearly 1,000 cities Texas Attorney General Ken Paxton announced Tuesday he is investigating.

Paxton has launched a statewide investigation to ensure compliance with a new state law governing municipal financial transparency and tax increases.

The initiative centers on Senate Bill 1851, which took effect this year. The law prohibits cities from raising property taxes above the no-new-revenue rate, the rate that would bring in the same amount of revenue as the previous year, if the attorney general determines that a city has not complied with the state-required financial audit and transparency standards.

Continue reading.

dallasnews.com

By María Ramos Pacheco

Dec. 9, 2025

EL PASO, Texas (KFOX14/CBS4) — Texas Attorney General Ken Paxton has initiated a statewide investigation into nearly 1,000 Texas cities, including El Paso, to ensure compliance with municipal budget transparency and prevent unlawful tax increases.

This move follows the enactment of SB 1851, a state law prohibiting cities from raising taxes above the no-new-revenue rate if they fail to meet financial statement audit and transparency requirements.

Paxton has already sent letters to cities like La Marque, Odessa, Tom Bean, and Whitesboro to halt illegal tax hikes.

Continue reading.

news4sanantonio.com

December 9, 2025 at 12:54 PM

Mayor Brandon Johnson issued a challenge Monday to the group of 26 alders who are fighting his budget with an alternative plan.

CHICAGO (WLS) — The Chicago budget clock keeps ticking, but it appears the mayor and a group of 26 alders who have offered an alternative budget are no closer to a compromise than they were last week.

That is raising the prospects of a potential city government shutdown.

Both sides are laying the groundwork to blame the other if for some reason a budget deal does not get done before the end of the year. But a lengthy weekend meeting did nothing to break the stalemate, which raises the specter of Chicago’s first government shutdown.

Continue reading.

abc7chicago.com

By Craig Wall

Monday, December 8, 2025 2:47PM

Ohio’s ‘AAA’ Long-Term Issuer Default Rating reflects its high financial resilience and superior budget management. Ohio’s fiscal 2025 general revenue fund revenues exceeded estimates by $1.2 billion, with personal income tax receipts 7.1% above estimates.

Access Report

Thu 04 Dec, 2025 – 12:03 PM ET

ALBANY (S&P Global Ratings) Nov. 25, 2025–S&P Global Ratings today assigned its ‘AA+/A-1+’ rating to California Municipal Finance Authority’s $8.12 million taxable variable-rate notes 2025 series A due Nov. 1, 2065 (for Burbank Housing – Beverly Apartments).

The rating on the bonds reflects our opinion of the credit and liquidity support that the Federal Home Loan Bank of San Francisco (FHLB SF; ‘AA+/A-1+’) provides in the form of a single confirming letter of credit (CLOC), and that Poppy Bank (not rated) provides in the form of a fronting letter of credit (FLOC) during the weekly interest rate mode (the rated mode).

The ‘AA+’ long-term component of our rating reflects our long-term issuer credit rating on FHLB SF and addresses our expectation of full and timely interest and principal payments when the noteholders have not exercised the put option. The ‘A-1+’ short-term component of our rating reflects our short-term issuer credit rating on FHLB SF and addresses our expectation of full and timely interest and principal payments when the noteholders have exercised the put option.

Continue reading.

Takeaways by Bloomberg AI

• The University of California is prepping a $2 billion municipal bond sale to support capital projects across its campuses and academic medical centers.
• The sale comes after a federal judge ordered the Trump administration to stop freezing or threatening to withhold federal grant money from the university, which had previously shelved a $1.5 billion offering in August.
• Fitch and S&P Global Ratings have affirmed ratings of AA with a stable outlook for the new bonds, citing expectations that UC’s operating performance will remain healthy despite near-term pressures on state funding and federal research grant revenue.

Continue reading.

Bloomberg Markets

By Maxwell Adler

December 3, 2025

The University of California is prepping a $2 billion municipal bond sale, reviving a deal that it shelved in August amid a high-stakes confrontation with the Trump administration over frozen federal research funds.

Bloomberg’s Municipal bonds reporter Maxwell Adler discussed the story on “Bloomberg Markets” with Vonnie Quinn.

Watch video.

Bloomberg Markets – Muni MomentTV Shows

December 4th, 2025, 10:36 AM PST

The ‘AA’ IDR reflects the UC system’s steady growth in enrollment and very strong student demand characteristics, favorable international reputation, and robust research platform. The Stable Outlook reflects an expectation that UC’s operating performance will remain healthy as it navigates near-term pressures on state funding, ongoing negotiations related to possible cuts in federal research grant revenue, and through an ongoing and sizable capital improvement plan.

Access Report

The New York Power Authority (NYPA) successfully structured a first-of-its-kind tax exempt prepaid electricity financing in the State of New York that achieved triple tax exemption at the federal, state and local levels. Utilizing a newly created conduit issuer, the New York Energy Finance Development Corporation issued $944.15 million in energy supply revenue bonds, prepaying 30 years of electricity for NYPA. The transaction involved managing complex state governance and energy regulatory limitations.

Orrick advised NYPA on the transaction, which was named The Bond Buyer’s 2025 Deal of the Year for the Northeast region.

THE CLIENT
NYPA is the largest state public power organization in the U.S., operating 17 generating facilities and more than 1,550 circuit-miles of transmission lines.

THE IMPACT
This transaction facilitates the purchase of energy from renewable electric generation projects across the State of New York while lowering the cost of energy paid by retail consumers served by NYPA’s customers. To achieve these benefits, NYPA sponsored the creation of a new statewide conduit credit and established a pathway to support the development of renewable energy facilities in the state. In doing so, NYPA secures long-term electricity supply arrangements while advancing statewide climate policy objectives.

The deal also achieved a 10% savings in electricity prices for New York residents.

December.01.2025

The Battery Park City Authority’s $662 million Series 2025 Senior Revenue Bonds received an ‘AAA’ rating with a stable outlook. The bonds will fund sustainability and resiliency projects and refinance existing junior notes.

Access Report

Mon 24 Nov, 2025 – 11:54 AM ET

Takeaways by Bloomberg AI

• Fortress Investment Group plans to sell two resorts on St. Thomas in the US Virgin Islands through a deal financed by municipal bonds.
• The investment firm is selling Frenchman’s Reef to an affiliate of the Community Finance Corp, which will acquire the property using proceeds from a muni sale.
• When the debt is repaid, USVI will become the owner of Frenchman’s Reef, with the securities due to mature in 2055.

Continue reading.

Bloomberg Markets

By Martin Z Braun

November 26, 2025

The Alaska Railroad Corporation has completed an innovative $112 million port revenue bond issuance to provide the long-term financing for the replacement of the 60-year-old cruise ship dock and terminal in Seward, Alaska – a critical gateway serving over 205,000 passengers annually and a vital component of Alaska’s $2.2 billion cruise ship tourism economy.

The deal was named The Bond Buyer’s Deal of the Year in the Far West category. BofA Securities acted as the senior manager and Wells Fargo acted as the co-manager.

Orrick served as counsel to lender Goldman Sachs Bank USA, who provided the interim construction loan to Seward Company, the Alaska-based private developer, to finance a portion of the construction costs of the $137 million cruise terminal and pier.

THE COMPANIES
The Alaska Railroad Corporation is a self-supporting state-owned enterprise that operates 683 miles of track providing passenger and freight service throughout Alaska. Seward Company is an Alaska-based private developer. BofA Securities is the corporate and investment banking division of Bank of America, one of the world’s leading financial institutions. Wells Fargo is a leading financial services company that provides a diversified set of banking, investment and mortgage products and services. Goldman Sachs is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals.

THE IMPACT
This creative financing structure demonstrates how public-private partnerships can deliver essential infrastructure while effectively managing risk. By providing the construction loan, Goldman Sachs helped facilitate a transaction that protects both the self-funded Alaska Railroad Corporation and the City of Seward, Alaska. The deal ensures the long-term viability of a major port for Alaska’s cruise industry, the fifth largest in the world.

The new facility will accommodate larger vessels and support continued economic growth in a state where 65% of summer tourists arrive by cruise ship.

THE TEAM
The Orrick team was led by Leslie Krusen, Peter Bergan and Matt Neuringer, with support from Greg Blonde and Robin Freedman.

December.03.2025

New Hampshire’s Business Finance Authority has just approved the nation’s first-ever municipal bond backed by Bitcoin, marking a historic milestone that opens the door for digital assets to enter the $140 trillion global debt market.

Orrick is advising the BFA on the $100 million conduit bond, whose issuance is still subject to Governor and Executive Council approval. If approved, it will allow borrowing against over-collateralized Bitcoin without exposing taxpayers or state funds to risk. Certain fees from the transaction and gains in the digital currency will be redirected into the Bitcoin Economic Development Fund and used to support entrepreneurship and business growth in New Hampshire.

Orrick was able to help our client innovate by combining 25 years of experience as the nation’s no. 1 bond counsel (The Bond Buyer) with Chambers Band 1-ranked structured financing skills and a deep understanding of the crypto market.

OUR CLIENT
The New Hampshire Business Finance Authority is the state’s business financing agency which was created in 1992 to foster economic development and create employment in New Hampshire. The BFA accomplishes these objectives by working with New Hampshire’s banking, business, and economic development sectors to develop and implement programs that expand the availability of credit in the state.

THE IMPACT
This marks the first time cryptocurrency has been used as collateral in the U.S. municipal bond market and may open valuable new opportunities for municipalities and the businesses in their states to broaden their funding channels. This critical innovation could also bring investment opportunities to the state of New Hampshire, positioning them as a leader in digital finance.

THE TEAM
The team was led by Orion Mountainspring and included Elizabeth J. Elias, Tyler Dorf, Israel Lopez-Morillo, Lorraine McGowen, John Narducci, and James Larkin.

November.20.2025

The firm represented the commodities business of JPMorgan Chase & Co. in the largest municipal bond commodity prepayment transaction ever completed. The transaction involved the issuance of $2.7 billion of municipal bonds by Southeast Energy Authority, a Cooperative District (“SEA”), the proceeds of which were used by SEA to prepay Pierpont Energy Prepay 2 for the delivery of natural gas over a 30-year period.

The transaction can be converted to a physical power transaction in the future. The gas delivered to SEA is sold to the Salt River Project Agricultural Improvement and Power District.

In connection with its delivery obligation over the 30-year period, Pierpont Energy Prepay 2 entered into natural gas swaps with BP Energy Company and Royal Bank of Canada, a funding agreement with J.P. Morgan Securities LLC, and a natural gas purchase, sale and service agreement J.P. Morgan Ventures Energy Corporation.

The municipal bonds were assigned a rating of Aa3 by Moody’s. The transaction priced and closed in November.

The Willkie team was led by partner John R. Thomas with associate Kara Ryczek and law clerk Lisa Shakhnazaryan.

© 2025 Willkie Farr & Gallagher LLP

November 19, 2025

Fitch Ratings-San Francisco/New York/Austin-20 November 2025: Fitch Ratings does not anticipate near-term credit pressure on its rated water utilities despite increased costs stemming from likely cuts to Colorado River water allocations, based on utilities’ ability and willingness to pass on rate increases to customers and wholesalers’ long-term contracts with strong credit-quality purchasers. However, over the next three to five years, an inability to secure or develop additional supply to meet ongoing demand would likely weaken some utilities’ operating risk profiles, potentially negatively affecting credit quality.

Talks continue among seven western states around permanently reducing Colorado River water usage after they failed to reach an agreement by the Nov. 11 deadline set by the U.S. Bureau of Reclamation (USBR). Despite several years of negotiations, Arizona, California, Colorado, Nevada, New Mexico, Utah and Wyoming have thus far been unable to reach a consensus on new operating parameters beyond 2026. Several water management agreements governing the Colorado River operations are set to expire at the end of next year. Under federal law, the USBR has the responsibility for managing the water of the Colorado River’s upper and lower basins and will determine water allocations if the states are unable to reach an agreement.

Higher per acre-foot costs for Colorado River water and new water supplies will increase operating cost burdens and capital spending. These costs may pressure margins over time if rate increases cannot keep pace while utilities navigate chronic water scarcity. For some water suppliers, particularly in Arizona, further mandatory cuts to existing water allocations could lead to rate or property tax increases to cover fixed costs and capital costs associated with development of new water supplies. Higher rate increases could eventually pressure rate affordability.

Continue reading.

NEW YORK (S&P Global Ratings) Nov. 17, 2025–S&P Global Ratings today took the rating actions listed above.

Given Texas’ location along the Gulf Coast, we consider the state to have a higher exposure to acute physical risks, including severe weather events, coastal flooding, and extreme heat, as well as exposure to chronic physical risks, including drought. Although severe weather events are temporary, their recurrence and the state’s prolonged exposure to these events could pressure its economic development should it overlook inclusion of adaptation and mitigation initiatives in its long-term planning activities. In addition, Texas has a comparatively greater proportion of energy-related activities in the oil-and-gas sector, and this could lead to increasing regulatory challenges and associated costs as some sectors of the global economy focus on reducing greenhouse gas emissions through renewable energy.

The state’s demographic trends generally contribute to lower social capital risk given that population growth during the past decade exceeded the national level, and this can provide for greater economic development potential than that of peers. However, we believe corresponding service demands and growth-related infrastructure needs might require the state to incorporate additional debt issuances and operating costs into its budget. We view Texas’ governance risks as neutral, and we note its history of maintaining a strong management and policy framework to respond to developing risks. We believe the state’s long-term capacity to evolve its resiliency efforts from responsive to preventative will be a key credit consideration.

The stable outlook reflects our expectation that Texas’ financial forecasting and strong budgetary management will help guide executive and legislative actions to make timely adjustments that align expenditures and revenue. It also reflects our view that Texas will exhibit favorable economic and population growth that exceeds that of the U.S., further supporting our view of its long-term credit stability.

Continue reading.

Takeaways by Bloomberg AI

• United Airlines Inc. shelved two municipal bond issues due to market conditions.
• The bonds were to finance facilities at George Bush Intercontinental Airport in Houston, including a ground services equipment facility and a catering center.
• The airline may seek to finance the projects in the future, with one possibility being next year if the Federal Reserve cuts interest rates.

Continue reading.

Bloomberg Industries

By Aashna Shah

November 19, 2025

Takeaways by Bloomberg AI

• Goldman Sachs Group Inc. took down a portion of a $454 million debt deal from Chicago after boosting yields on the sales-tax bonds.
• The city achieved its goal of reducing debt costs with the refunding, but there were adjustments made to the offering yields from the pre-marketing.
• Tensions between Chicago Mayor Brandon Johnson and the city council are growing over how to close next year’s nearly $1.2 billion deficit.

Continue reading.

Bloomberg Markets

By Shruti Singh

November 20, 2025

The Arkansas Development Finance Authority’s State Revolving Fund bond program received a ‘AAA’ rating from Fitch, with a stable outlook. The program can withstand hypothetical defaults exceeding Fitch’s stress scenarios, ensuring uninterrupted bond payments.

Access Report

Thu 20 Nov, 2025

Massachusetts’ ‘AA+’ Long-Term IDR reflects its strong economic resources and effective management of economic and revenue cyclicality. The fiscal 2026 budget includes $2.4 billion from the Fair Share surtax, with $1.7 billion for education and $712 million for transportation.

Access Report

Thu 20 Nov, 2025 – 12:31 PM ET

The ‘AAA’ rating reflects the ability of the SWRCB Clean Water and Drinking Water SRF program to absorb hypothetical pool defaults without causing interruption in bond payments. The program’s financial structure is sound, with a projected minimum annual debt service coverage of about 1.6x.

Access Report

Thu 20 Nov, 2025 – 2:49 PM ET

The ‘AA-‘ rating on the PTC’s registration fee revenue bonds reflects flat growth prospects for pledged revenues but robust resilience through economic downturns. Fitch considers the pledged revenues to be special revenues, supporting a rating up to four notches above the PTC’s IDR.

Access Report

Fri 21 Nov, 2025 – 9:47 AM ET

The State of Ohio’s fiscal 2025 general revenue fund (GRF) revenues exceeded estimates by $1.2 billion, with personal income tax receipts at 9.9% above the prior year. The state’s budget stabilization fund (BSF) balance grew to $3.9 billion, equal to 13.1% of state-source GRF revenue.

Access Report

Fri 21 Nov, 2025 – 11:15 AM ET

Zohran Mamdani’s recent victory in the New York City mayoral election has drawn significant attention from municipal investors. The mayor-elect has outlined ambitious plans to increase spending through a range of initiatives, funded by higher taxes and expanded bond issuance. Despite these proposals, New York City bond spreads have remained largely stable both before and after the election — a sign of the strong checks and balances that help safeguard the city against unsustainable spending and excessive debt issuance. In this piece, we examine which of Mamdani’s policy priorities are most likely to gain traction and which may face greater implementation challenges.

Continue reading.

etftrends.com

Sage Advisory

November 17, 2025

With a proud, new democratic socialist mayor-elect in New York City and the government shutdown appearing to draw to a close, investors are asking what’s next for municipal bonds—and especially for New York City debt. Charles Schwab’s chief fixed-income strategist, Kathy Jones, says the answer depends less on politics than on fundamentals right now.

“First of all, the muni bond market is in solid shape,” Jones said during Schwab’s November 11 Market Talk webcast. “It’s underperformed other parts of the fixed-income market this year, but that’s largely due to supply. Issuance really picked up this year after being held down for the last couple of years. We see that creating value.”

That’s particularly true in New York. The city and its related issuers are heavy players in the national muni market. In fiscal 2024, the city and its Transitional Finance Authority issued roughly $12.6 billion in debt, accounting for about a quarter of all New York City’s local government issuance and nearly 3% of all U.S. municipal bonds.

Continue reading.

fa-mag.com

November 12, 2025 • Tracey Longo

Takeaways by Bloomberg AI

• Voters in Texas rejected at least nine proposals to build or renovate stadiums and other athletic facilities.
• Texans have frequently shot down such proposals since 2019, when a state law was enacted to give residents more ability to pick and choose what bond money goes toward, wary of high property-tax bills.
• This year, Texas voters only approved about 46% of the roughly 110 bonds measures proposed by school districts, according to Dax González, a division director for the Texas Association of School Boards.

Continue reading.

Bloomberg Markets

By Amanda Albright and Faith DiBiagio

November 12, 2025

Transaction days at Houston Airport’s CONRAC facility increased by 9.2% in 2024, exceeding Fitch’s base case assumptions by 6.0%. CFC revenues in 2024 are $18.7 million compared to $16.9 million yoy, also exceeding Fitch’s base case expectations by 6%.

Access Report

Mon 10 Nov, 2025 – 3:10 PM ET

• S&P Global Ratings assigned its ‘A’ long-term rating to Harris-Fort Bend Counties Municipal Utility District No. 3, Texas’ $4.9 million series 2025 unlimited-tax park bonds.
• At the same time, we affirmed our ‘A’ long-term rating on the district’s general obligation debt.
• The outlook is stable.

Continue reading.

14-Nov-2025 | 16:23 EST

Nationwide Children’s Hospital’s ‘AA’ rating and Stable Outlook reflect strong financial and operational profiles, supported by a robust balance sheet and diversified revenue base. Management forecasts operating cash flow margins improving from 5.4% in fiscal 2024 to approximately 7.9% by 2030.

Access Report

Thu 13 Nov, 2025 – 5:28 PM ET

The University of Oklahoma’s ‘A+’ IDR and GRB bond ratings are supported by strong revenue defensibility and stable enrollment trends. Fitch expects OU to maintain positive operating trends and sound adjusted cash flow margins of at least 12%.

Access Report

Fri 14 Nov, 2025 – 3:49 PM ET

• S&P Global Ratings assigned it ‘AA+’ long-term rating to Mobile County, Ala.’s estimated $27.9 million series 2025 general obligation (GO) improvement warrants.
• We also affirmed our ‘AA+’ long-term rating on the county’s existing GO debt.
• The outlook is stable.

Continue reading.

12-Nov-2025 | 18:43 EST

Takeaways by Bloomberg AI

• Cornell University is preparing a $1 billion bond sale after the school’s trustees signed off on borrowing as much as $1.7 billion of new debt.
• The university will use the proceeds from bond sales for general corporate purposes, including funding previous real estate purchases and refinancing a portion of short-term debt.
• Cornell has taken on new and expanded lines of credit to increase borrowing capabilities to $800 million, and is considering if and when additional debt beyond the bonds will be issued.

Continue reading.

Bloomberg Markets

By Elizabeth Rembert

November 13, 2025

NEW ORLEANS (WVUE) – Two meetings critical to the City of New Orleans’ operations will take place at the state capitol on Wednesday (Nov. 12).

First, the state’s Fiscal Review Committee will meet to discuss New Orleans’ financial status. Legislative auditor Mike Waguespack, Attorney General Liz Murrill and Treasurer John Fleming make up the review panel.

Following that meeting, the State Bond Commission will meet.

“Obviously, we need the State Bond Commission to approve the issuance of these revenue anticipatory notes, which would make (city employees’) payroll,” said Joe Giarrusso III, chair of the New Orleans City Council’s budget committee.

Continue reading.

fox8live.com

By Sabrina Wilson

Published: Nov. 11, 2025 at 4:23 PM PST

The Negative Rating Outlook primarily reflects the budgetary challenges and risks faced by the City of Los Angeles. These include a large structural budgetary imbalance going into fiscal 2026 and recent significant one-time unbudgeted litigation costs.

Access Report

Wed 12 Nov, 2025 – 5:27 PM ET

• S&P Global Ratings revised the outlook to negative from stable and affirmed its ‘AA’ rating on Santa Monica Public Financing Authority, Calif.’s outstanding lease revenue bonds, issued on behalf of the City of Santa Monica.
• The negative outlook reflects our view of the potential for further sizable Assembly Bill 218 (AB 218) lawsuit settlements to materialize as well as projected general fund deficits during the next two years that could lower the city’s reserves to much weaker levels.

Continue reading.

14-Nov-2025

The bonds are scheduled to price on or about November 19 via negotiation. Fitch rates Chicago Sales Tax Securitization Corp.’s senior lien bonds ‘AAA’ and second lien bonds ‘AA-‘.

Access Report

Thu 06 Nov, 2025 – 12:08 PM ET

The ‘AA+’ rating on the New York City Municipal Water Finance Authority’s revenue bonds reflects strong credit quality and low leverage. Projected rate increases and capital spending will support financial stability through fiscal 2030.

Access Report

Thu 06 Nov, 2025 – 12:26 PM ET

Zohran Mamdani was elected New York City’s mayor on Nov. 4, 2025, and will take office on Jan. 1, 2026. Following an election at any level of government, S&P Global Ratings often receives questions about how political transitions might translate into actual policy changes, and the potential effect on the government’s financial health and underlying credit quality.

We believe the evolution of the city-state governance relationship and budget development process that will take shape over the next several months will reveal more about how campaign proposals could translate into governing priorities and budgetary realities. In addition, New York State’s relationship with the city includes constitutional and statutory structures, fiscal interdependencies, policy linkages, and oversight requirements that we believe influence the city’s operations and financial position. Our base case reflects modest changes in New York City’s day-to-day operations and our view that potential policy and budgetary changes will gradually evolve over time, resulting in no near-term impact to our general obligation rating on the city (AA/Stable).

This FAQ examines how the overarching governance framework in which New York City operates and financial management functions play a key role in the city’s credit stability, even as political leadership changes, as well as what we are watching.

Continue reading.

05-Nov-2025 | 13:13 EST

Fitch Ratings – Austin – 07 Nov 2025: Fitch Ratings has affirmed the following Santa Fe, NM (the city) bonds at ‘AA+’:

–$27.9 million Water Utility System Refunding Revenue Bonds, Series 2016.

Fitch has also assessed the city’s water system’s (the system) Standalone Credit Profile (SCP) at ‘aa+’. The SCP represents the credit profile of the system on a standalone basis irrespective of its relationship with and the credit quality of the city (Issuer Default Rating AA/Stable).

Continue reading.

A public interest law firm filed a lawsuit Thursday against the state of California, charging that its program to subsidize school construction perpetuates vast inequalities for students in low-wealth communities.

Public school students on some districts’ splendid campuses enjoy modern science labs, shaded outdoor spaces, and spacious auditoriums, while their peers in other districts attend rundown schools in deplorable conditions. At the heart of this issue is the state’s reliance on local property taxes in districts with vastly different abilities to finance school facility renovations, the lawsuit said.

The losers — property-poor districts — disproportionately enroll low-income students, English learners, and Black, Hispanic and Native American students, the lawsuit said. And it added that the state’s formula for contributing to districts’ efforts has compounded that problem.

Continue reading.

westsideconnect.com

Published: Nov 4, 2025, 11:42 AM

San Francisco’s ‘AAA’ GO rating reflects strong financial resilience with reserves above 15% of spending. The city faces a $650-$700 million structural deficit by fiscal 2028, down from $959 million.

Access Report

Thu 06 Nov, 2025 – 3:10 PM ET

Fitch Ratings – New York – 06 Nov 2025: Fitch Ratings has affirmed the state of Louisiana’s ratings as follows:

–Issuer Default Rating (IDR) at ‘AA-‘;

–General obligation (GO) bonds at ‘AA-‘

–Various appropriation-backed bonds of the state detailed below at ‘A+’.

The Rating Outlook is revised to Positive from Stable.

Continue reading.

Johns Hopkins Health System (JHHS) maintained a stable ‘AA-‘ rating with a stable outlook, reflecting strong financial performance and robust liquidity. Despite labor and inflation challenges, JHHS achieved an operating margin of 1.1% and an operating EBITDA margin of 5.3% from FY22 to FY25.

Access Report

Wed 05 Nov, 2025 – 4:35 PM ET

Overview

• S&P Global Ratings assigned its ‘SP-1+’ short-term rating to Cotuit Fire District, Mass.’ estimated $12.1 million general obligation (GO) bond anticipation notes (BANs).
• At the same time, we affirmed our ‘AA+’ rating on the district’s debt outstanding.
• The outlook, where applicable, is stable.

Rationale

Security

The district’s full-faith-and-credit pledge, subject to Proposition 2 1/2 limitations, secures the bonds and notes. We rate the limited-tax GO debt to be on par with our view of the district’s general creditworthiness because the tax limitation imposed on the district’s ability to raise revenue is already embedded in our analysis of its financial and economic conditions. The district maintains a separate tax levy from the town that provides additional flexibility outside of the constraints of Proposition 2 1/2.

The short-term rating reflects our criteria for evaluating and rating BANs. In our view, Cotuit Fire District maintains a strong capacity to pay principal and interest when the notes come due. In our view, the district has a low market risk profile because it has strong legal authority to issue long-term debt to take out the notes and is a frequent issuer that regularly provides ongoing disclosure to market participants.

Continue reading.

05-Nov-2025 | 20:17 EST

Weyerhaeuser will use $102 million of proceeds from a municipal bond sale to help finance the construction of solid waste disposal facilities at its engineered wood plant in Arkansas.

The Resource Recovery Revenue Bonds Series 2025 will be sold by the Arkansas Development Finance Authority, which will then lend the money to the timber and forest products company. The offering will be structured as a single term bond maturing in October 2067, according the preliminary official statement posted Monday on MuniOS.

The bonds are special and limited revenue obligations of the issuer.

Weyerhaeuser will use the money to help finance a portion of the costs of the acquisition, construction, equipping and installation of solid waste disposal facilities at its TimberStrand plant under construction near the city of Monticello in Drew County. Proceeds will also be used to pay the costs of bond issuance.

TimberStrand is a brand name for a type of engineered wood product called laminated strand lumber and is manufactured by Weyerhaeuser. The new facility in Arkansas will have an annual production capacity of approximately 10 million cubic feet. The company hopes to start operations in 2027, according to a statement on Weyerhaeuser’s website.

S&P Global Ratings and Moody’s have rated the bonds BBB and Baa2, respectively.

Goldman Sachs and Carty, Harding & Hearn are lead managers on the offering.

Provided by Dow Jones Nov 4, 2025, 3:22:00 PM

By Patrick Sheridan

Write to Patrick Sheridan at patrick.sheridan@wsj.com

(END) Dow Jones Newswires

November 04, 2025 18:22 ET (23:22 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

Nashville’s airport authority plans to sell $1.3 billion of debt in January to meet unprecedented growth — an offering that also bodes well for the broader market to see large deals next year.

The Metropolitan Nashville Airport Authority is proposing a municipal bond sale to help finance infrastructure improvements at its airports, which include Nashville International Airport, dubbed BNA, and to refund outstanding debt. The authority plans to issue a mix of bonds subject to the alternative-minimum tax and non-AMT debt, according to a Nov. 7 securities filing.

US states and local governments have already sold a record amount of debt for the second year in a row, borrowing over $500 billion in the municipal market in 2025, surpassing last year’s tally of $494 billion, according to data compiled by Bloomberg. Growing infrastructure needs as well as rising costs due to inflation and tariffs account for the increase.

Continue reading.

Bloomberg Markets

By Aashna Shah

November 10, 2025

Cornell University is considering raising roughly $1 billion through taxable bonds, the latest elite US college looking to secure financing as the Trump administration targets the institutions.

The Ivy League university expects to price the bonds as soon as Nov. 17 and plans to use the proceeds for general corporate purposes, according to a filing published on the Municipal Securities Rulemaking Board’s website. It has tapped Goldman Sachs Group Inc. as the sole bookrunner on the deal.

Top-tier schools in recent months have sold taxable bonds and taken out loans to protect their finances as the Trump administration targets their budgets, according to data compiled by Bloomberg. Cornell earlier this year increased the size of its taxable commercial paper program, another way for colleges to preserve cash and fund campus projects.

Continue reading.

Bloomberg Markets

By Faith DiBiagio

November 4, 2025

Takeaways by Bloomberg AI

• Voters in Bexar County approved Proposition B, permitting the county to raise the hotel-occupancy tax to help finance a new downtown arena for the Spurs team.
• The Spurs plan to contribute about $500 million toward the construction of the arena, while San Antonio will contribute $489 million, with the Spurs responsible for any cost overruns.
• The approved proposal will also help fund renovations to facilities surrounding the current arena, and moving the NBA team downtown would free the Rodeo to expand its operations.

Continue reading.

Bloomberg Pursuits

By Aashna Shah

November 5, 2025

State and local governments across the US are asking voters to approve at least $15.7 billion of bond sales this year, showing pent-up demand for infrastructure at schools and in growing areas.

The measures would fund school renovations, enhancements to city transportation and the expansion of healthcare facilities, among other projects, according to a Bloomberg analysis of S&P Global Market Intelligence data. That tally included any referendum voted on by a school district, county, city or state valued at $200 million or more and excluded any special districts. It’s a much lighter slate than in 2024, which is unsurprising in an off-year election.

Texas leads the pack, with municipalities and school districts there seeking authorization for roughly $7 billion in combined proposals, excluding special districts, the data show. If voters approve a nearly $2 billion ask from Lamar Consolidated Independent School District on Tuesday, the district will use those funds to construct seven new elementary schools. The district serves part of Fort Bend County, a fast-growing county outside of Houston.

Continue reading.

Bloomberg Politics

By Aashna Shah and Sri Taylor

November 3, 2025

In a case that will resonate with many developers, MQMF Hyde Park LLC secured court-ordered approval for a 204-unit apartment complex at 990 American Legion Highway in Boston’s Hyde Park neighborhood following years of resistance by the Boston Planning and Development Agency (BPDA). The land, owned by Jubilee Christian Church International, sits in a zoning district that permits multi-family housing “as of right.”

Nevertheless, the Boston Planning and Development Agency (BPDA) twice denied approval of the project, citing impact concerns and requesting a full redesign of the project. Following more than a year of unsuccessful negotiations with the BPDA, the developer sought relief from the Land Court, asking for a declaration that the BPDA must approve the project even though Article 80 of Boston’s Zoning Code states that the BPDA can “disapprove” a project unless/until it incorporates the BPDA’s requested changes.

The Land Court agreed with the developer and ruled that the BPDA cannot reject a zoning-compliant project or require design changes that would force the developer to seek zoning relief. The Court explained that BPDA’s role under Article 80 is instead akin to site plan review – meaning that the BPDA may deny approval of a zoning-compliant project only if it presents an unsolvable problem that no form of reasonable conditions can address. Accordingly, the Court ordered the BPDA to complete its Article 80 review and issue approval of the project in an expeditious manner.

Continue reading.

Mintz – Kelly L. Frey and Michael P. Molstad

October 30 2025

Takeaways by Bloomberg AI

• Money managers are receiving queries from worried investors about what New York City mayoral frontrunner Zohran Mamdani means for the city’s finances.
• Campaign promises don’t always translate to policy and even if they do translate to policy, they don’t happen overnight, according to Stu Caplan, a financial adviser.
• State control of the city’s taxing and borrowing power and fiscal guardrails will prove a major obstacle to the Democratic nominee’s promises, including his plan to raise $9 billion in tax revenue.

Continue reading.

Bloomberg Markets

By Faith DiBiagio and Martin Z Braun

October 31, 2025

The Rating Outlook revision to Stable from Negative reflects Fitch Ratings’ view that the near-term likelihood of Los Angeles Department of Water & Power (LADWP) incurring a materially significant financial liability related to the Palisades wildfire has declined. The ‘AA-‘ rating continues to reflect the system’s ‘Very Strong’ financial profile within the framework of ‘Very Strong’ revenue defensibility and ‘Very Strong’ operating risk profile, both assessed at ‘aa’.

Access Report

Thu 30 Oct, 2025 – 10:08 AM ET

Overview

California school districts available fund balances remain strong as a result of significant federal stimulus funds received in the past several fiscal years. However, we expect school district finances will begin to meaningfully weaken in the medium term, as most districts across the state are projecting deficits and use of funds over the three-year period, spurred by expiration of stimulus funds, rising fixed costs, and the state’s slower economic growth relative to recent years, which could pose a risk to per-pupil funding.

California school districts’ median available reserves increased by 1% compared to our previous October 2024 report, but financial performance has weakened across our rated universe this year. We believe available reserve levels peaked as of fiscal 2025, with most available COVID-19 related state grants set to expire over the next two fiscal years. This has occurred as more school districts contend with rising fixed costs and declining enrollment–which will lead to reduced state aid for most–looming decisions about which stimulus-funded services and resources to continue offering students and staff, and an uncertain federal funding environment.

Continue reading.

29-Oct-2025 | 12:52 EDT

Key Takeaways

• S&P Global Ratings expects changing demographic trends will become a challenge for both school districts and charter schools in California, especially in the medium term, thanks to the state’s slowing economy, which could negatively affect schools that rely on the state funding formula for operations.
• Average daily attendance (ADA) is the primary revenue driver for California public schools, and student population losses can cause budgetary pressures for institutions that fail to adequately adjust operations.
• Many school districts are experiencing significant enrollment declines, particularly in regions with high housing costs, and charter school competition is exacerbating negative trends in some areas of the state.
• Charter school enrollment is growing in the state overall but is not immune to demographic- and competition-driven demand declines in major metropolitan statistical areas.

Continue reading.

31-Oct-2025 | 09:32 EDT

CNBC’s Leslie Picker reports on news the mayoral race’s impact on municipal bonds.

Watch video.

msn.com

Nov 3, 2025

NEW ORLEANS – The state of Louisiana has begun the process for a potential takeover of the city of New Orleans’ finances. The news came Tuesday in an agenda posted for a meeting of the state’s Fiscal Review Committee.

The little-known entity is responsible for reviewing and, on occasion, intervening in the financial stability of cities and parishes through the appointment of fiscal administrators, officials empowered to formulate local budgets, hire and fire personnel and approve contracts unilaterally, without the consent of elected officials.

The committee meeting, the first step in the process that could end with a fiscal administrator running Louisiana’s largest city, will be held 4:30 p.m. Wednesday.

Continue reading.

lailluminator.com

By: Katie Jane Fernelius, Verite
–
October 28, 2025

The City of Dillingham and the Lake and Peninsula Borough government are two of 17 Alaska municipalities and school districts that are trying to close budget shortfalls after the state cut its payments for school construction and renovation projects by roughly 25-30% this year.

The payments are part of the state’s School Bond Debt Reimbursement Program, which started in the 1970s. Local governments borrowed money to pay for new or improved school facilities, and the state committed to help repay the debt over time.

The proposed reduction to the bond reimbursement program originated in the Senate Finance Committee last session. Bristol Bay Representative and House Speaker Bryce Edgmon says the Legislature had to cut costs for several projects to balance the budget and avoid dipping into the state’s savings account, the Constitutional Budget Reserve.

Continue reading.

KDLG 670AM | By Margaret Sutherland

Oct 28, 2025

KBRA assigns a long-term rating of AA+ to Travis County Hospital District’s (the “District’s”) Series 2025 (Limited Tax) Certificates of Obligation (“COs”) and affirms outstanding parity COs at AA+, all with a Stable Outlook. The Certificates are payable from receipts of a separate, distinct and continuing ad valorem tax levied, within the limits prescribed by law, on all taxable property within the District.

Continue reading.

31 Oct 2025

Louisville-Jefferson County Metro Government’s ‘AAA’ rating reflects superior financial resilience with general fund reserves at $221.1 million or 22.7% of expenditures. Fiscal 2025 revenues are projected to exceed budget by $40 million, driven by higher tax collections.

Access Report

Thu 30 Oct, 2025 – 1:23 PM ET

Prince William County ended fiscal 2024 with a $46.7 million net operating surplus, increasing the county’s available fund balance to $308.8 million. The county projects a surplus for fiscal 2025 due to strong investment income and expenditure shortfalls.

Access Report

Thu 30 Oct, 2025 – 5:03 PM ET

Montgomery County’s ‘AAA’ rating reflects its strong financial resilience and budgetary flexibility. The county ended fiscal 2024 with an $18.7 million surplus and maintains a $1.2 billion unrestricted general fund balance.

Access Report

Fri 31 Oct, 2025 – 1:29 PM ET

The ‘AA+’ excise tax and transportation excise tax bond ratings reflect solid post-pandemic growth prospects for pledged revenues and robust resilience. Fitch Ratings does not expect the city to leverage to the additional bonds test (ABT), as surplus pledged revenues are used to support general fund and transit operations.

Access Report

Fri 31 Oct, 2025 – 1:41 PM ET

Takeaways by Bloomberg AI

The Chicago Bears will have to wait until 2026 for a chance to get support to build their suburban stadium.
The team needs state funds and support, but lawmakers are not backing the move due to the state’s budget forecast and projected deficits.
The Bears may consider turning to private equity for funds or seek help from NFL Commissioner Roger Goodell to reach a public-private partnership for the stadium.

Continue reading.

Bloomberg

By Miranda Davis, Randall Williams, and Shruti Singh

October 31, 2025

Takeaways by Bloomberg AI

• Telluride is seeking to more than triple its ability to borrow to build more affordable housing, with voters to decide on a debt limit of $64 million.
• The town’s median residential sales price is $2.4 million, while the median household income is $97,330, making affordable housing an “age-old problem”.
• Voters will decide on the proposed measure, which would update the town’s borrowing capacity and include new housing revenue sources, on Nov. 4.

Continue reading.

Bloomberg CityLab

By Faith DiBiagio

October 31, 2025

Brightline, the first new US private passenger railroad in 100 years, struck a deal with holders of $985 million of municipal bonds to push off a buyback of the debt for eight months.

The Fortress Investment Group-backed railroad provided an additional pledge of security on the debt, which is backed by future commuter-rail access rights payable to Brightline by three South Florida counties. Brightline has until June 14 to buy back the 10% coupon bonds at a premium, according to a securities filing on Friday.

Bondholders received a junior claim on equity backing a $775 million line of credit, after extending an Oct. 27 deadline to reach a deal on the added protection. Brightline offered the security as an incentive to roll over the bonds in August.

Continue reading.

Bloomberg Markets

By Martin Z Braun

October 31, 2025

The largest retirement community in the world is expanding even further with a nearly $130 million high-yield debt deal.

The Villages, a 57,000-acre Floridian megaplex, already part of the fastest-growing metropolitan area in the US and on Thursday plans to tap municipal-bond investors to help finance a new development with more than 2,800 new homes.

The expansion is part of broader two-decade plan to capitalize on the aging American population and the appeal of a resort-like community among the Baby Boomer generation. The Villages — which has been the subject of documentaries with titles like “The Bubble” and “Some Kind of Heaven” — expects to see the number of its residents boom by 60% to roughly 260,000 people by 2045.

Continue reading.

Bloomberg Markets

By Erin Hudson and Anna J Kaiser

October 22, 2025

Takeaways by Bloomberg AI

• Colonial Williamsburg is selling $330 million of taxable bonds through a local agency.
• The bonds have been assigned an A+ rating by S&P Global Ratings, which says the foundation is poised to sustain growing attendance and fundraising progress.
• The foundation will use roughly $310 million of the debt for refinancing purposes and $20 million for capital improvements, including restoring existing Colonial-era structures and gardens.

Colonial Williamsburg, which describes itself as the world’s largest living history museum, is coming to the municipal-bond market for its first public bond sale.

The Colonial Williamsburg Foundation, a nonprofit, maintains a 301-acre historical campus where visitors experience what life was like during the American Revolution. The foundation is selling $330 million of taxable bonds through a local agency on Tuesday.

Continue reading.

Bloomberg Markets

By Aashna Shah

October 21, 2025

For Chicago, it was bad enough that the Bears are planning to abandon the town they’ve called home for more than a century.

But on top of that, the National Football League team’s move will leave behind an unwanted legacy: $356 million of debt left over from sprucing up Soldier Field, the 101-year-old stadium that the Bears’ owners want to ditch for a new one in the suburbs about 30 miles away.

The debt for that rehab, which was finished in 2003, was supposed to be covered by a hotel-room tax placed on visitors. But since the pandemic dealt tourism a hit, the city has been forced to step in with its own revenue — creating a dynamic that’s threatening to siphon off tens of millions of dollars as the payments spike until the last of the bonds come due in 2032, when the stadium’s marquee tenant hopes to be long gone.

Continue reading.

Bloomberg CityLab

By Shruti Singh

October 23, 2025

Takeaways by Bloomberg AI

• Montclair Public Schools is cutting staff and considering a property tax hike to address a nearly $20 million surprise budget hole.
• The district terminated or eliminated the position of 103 employees, with the cuts being driven by a mismatch in expenses and revenue, including escalating transportation costs and unbudgeted healthcare expenses.
• The district is holding a special election in December to ask residents to approve tax increases, including a one-time increase and a permanent tax hike, to cover deficits and potentially reinstate some positions.

Continue reading.

Bloomberg Markets

By Erin Hudson

October 24, 2025

While House Republicans filed measures to eliminate non-school property taxes, DeSantis argues that placing multiple measures on the ballot undermines any substantive reform.

A week after Republican members of the Florida House offered seven proposed constitutional amendments to address property tax reform on the 2026 ballot, Gov. Ron DeSantis has dismissed all of them, saying they reflect a lack of seriousness from the chamber.

“Placing more than one property tax measure on the ballot represents an attempt to kill anything on property taxes,” DeSantis said in his first comments since the proposals were unveiled in a message on his X account on Wednesday night. “It’s a political game, not a serious attempt to get it done for the people.”

In dismissing the proposals so cavalierly, the governor indicated he is still willing to play hardball with House Republicans, with whom he feuded often during the regular 2025 legislative session earlier this year.

Continue reading.

governing.com

Oct. 24, 2025 • Mitch Perry, Florida Phoenix

Fitch has upgraded PASSHE’s Revenue Defensibility assessment to ‘a’ from ‘bbb’ due to stable enrollment and increased state support. The ‘A+’ IDR and bond ratings are supported by PASSHE’s strong operating performance and effective management oversight.

Access Report

Mon 27 Oct, 2025 – 8:59 AM ET

The district’s ratings were upgraded to ‘A+’ due to improved operating performance and strong revenue defensibility. Capital expenditure over the next three years is estimated at $255 million, with significant investments in electric, chilled water, and wastewater systems.

Access Report

Mon 27 Oct, 2025 – 12:54 PM ET

Takeaways by Bloomberg AI

• Genting Group’s plan to sell hotel and non-casino assets at Resorts World Catskills has been put on hold until early January, delaying a $561 million municipal bond sale.
• The transaction is being postponed because Genting Bhd has proposed buying out investors in its Genting Malaysia subsidiary and can’t enter into other material transactions.
• Municipal bond investors are growing more cautious after deals like the Brightline high-speed rail project have run into trouble, and want more protection in deal structures.

Continue reading.

Bloomberg Markets

By Christopher Palmeri and Erin Hudson

October 22, 2025

In 2025, Colorado municipalities continue to see significant activity in ballot initiatives related to housing and land use, with many measures scheduled for the November election. While the last few legislative sessions have seen a rising tension between state and local control of land use, these ballot measures signal another changing horizon—voters working to pull back zoning authority from their elected city leaders. From halting zoning changes to expanding development fees to requiring voter approval for larger projects, these proposals could significantly affect project timelines, feasibility and strategies for developers statewide.

Ballot measures addressing zoning and land use have grown steadily since 2020, peaking in 2023 with 11 initiatives statewide and still going strong in 2025 with several citizen-led measures on the ballot. Similarly, ballot questions targeting short-term rentals surged in 2022 (with 24 initiatives), declined in 2023–2024, and show renewed momentum in 2025, with the new focus being lodging tax or fee proposals being referred to voters by local governments.

Continue reading.

Brownstein Hyatt Farber Schreck LLP – Caitlin Quander, Angela J. Hygh and Rami Jordan

October 8 2025

As one-time, pandemic-era stimulus funding rolls off the books, S&P Global Ratings believes Washington school districts face increased rating pressure from rising operating costs, declining enrollment that negatively affects operating revenue, and thinner operating reserves compared to their national peers. If these trends continue without plans to offset them, we expect Washington school districts will exhibit increased rating volatility during the next two years.

Key Takeaways

• Washington school district funding is based on full-time-equivalent enrollment, meaning declining enrollment often translates into increased revenue volatility.
• Operating expenditures have outpaced revenue growth, forcing districts to choose between short-term fiscal stability and service cuts.
• The state recently raised its per-pupil revenue cap for voter-approved local levies, potentially providing relief for districts whose levies were limited under the previous rules.
• Unlike their national peers that used the infusion of one-time stimulus aid to build stronger financial cushions, available reserves for Washington school districts have remained relatively flat, a notable deviation from the national credit trend.
• Given their lower reserves, we view these districts as having less operating flexibility as they face dual budget stressors in the form of rising costs and potentially increased revenue volatility.

Continue reading.

16-Oct-2025 | 11:43 EDT

Takeaways by Bloomberg AI

• Los Angeles is planning to borrow nearly $1 billion to revamp its convention center ahead of the 2028 Summer Olympics, which risks straining the city’s already tight budget.
• The project will add an estimated 190,000 square feet of exhibit space and build a new rooftop ballroom, with a majority of the construction expected to be finished by Spring 2028.
• The city’s Controller Kenneth Mejia has argued against the project, citing its risks to the budget and uncertainties on its timeline, and warning that it could require an additional $116 million from the general fund starting in 2029.

Continue reading.

Bloomberg Markets

By Maxwell Adler

October 15, 2025

Highlights

• Signed into law by California Gov. Gavin Newsom on Oct. 10, 2025, Senate Bill (SB) 79 overrides local zoning limitations to allow greater heights and densities for residential development near transit stops.
• The legislation allows dense residential development along established transit corridors, primarily in the Bay Area, Sacramento County and Southern California urban counties.
• Although SB 79 does not itself create a new California Environmental Quality Act (CEQA)-exempt approval pathway, it does create new opportunities to be paired with SB 35 at a lower level of affordability and can also be paired with other streamlining laws such as SB 330, the Housing Accountability Act, and the State Density Bonus Law.

Continue reading.

Holland & Knight LLP – Daniel R. Golub, Chelsea Maclean, William E. Sterling and Franklin B. Muñoz

October 10 2025

The state of California’s ‘AA’ Issuer Default Rating (IDR) incorporates its large and diverse economy, which supports strong, albeit cyclical, revenue growth prospects, a solid ability to manage expenses through the economic cycle and moderately low long-term liabilities. Strong fiscal management, institutionalized across administrations and demonstrated through the buildup of the budgetary stabilization account (BSA) and elimination of past budgetary borrowing, allows the state to better withstand economic and revenue cyclicality while maintaining adequate fundamental financial flexibility. The state’s ability to actively eliminate budgetary liabilities in the next budget cycle and begin to rebuild its dedicated operating reserves following recent draws will be an important rating consideration going forward.

Access Report

Thu 16 Oct, 2025 – 11:35 AM ET

The ‘A’ rating for the New Jersey Transportation Trust Fund Authority’s (NJTTFA) transportation program bonds is one notch below New Jersey’s ‘A+’ Issuer Default Rating (IDR). The rating is based on annual contractual payments made to the authority by the state treasurer, subject to annual appropriation.

Access Report

Fri 17 Oct, 2025 – 2:16 PM ET

Fitch rates NYC Transitional Finance Authority’s $1.5B Fiscal 2026 Series B Bonds ‘AAA’; Outlook Stable. Fiscal 2025 pledged revenue grew by 12.7% yoy, covering annual debt service by 7.6x.

Access Report

Mon 20 Oct, 2025 – 12:04 PM ET

Takeaways by Bloomberg AI

• New York City’s transit network is seeking to raise $230 million in short-term debt to finance needed infrastructure for its congestion toll plan.
• The proceeds will be used to refund prior short-term debt that matures before the end of this year and was used to pay for tolling gantries and infrastructure.
• The MTA expects to repay the short-term securities with congestion pricing revenue or long-term debt backed by those funds, according to borrowing documents.

Continue reading.

Bloomberg CityLab

By Michelle Kaske

October 20, 2025

Takeaways by Bloomberg AI

• The Chicago Board of Education tapped $200 million from its short-term revolving credit agreement with PNC Bank.
• The draw from the credit line is secured by proceeds from tax-anticipation notes that the district sells each year to maintain revenue while it waits for property tax payments.
• The district is facing fiscal pressures, including underfunded pensions and rising labor costs, as federal pandemic aid comes to an end.

The Chicago Board of Education tapped $200 million from its short-term revolving credit agreement with PNC Bank.

The amount is part of a $450 million deal with the bank dated Oct. 9, according to a bond filing on Friday. The draw from the credit line is secured by proceeds from tax-anticipation notes that the district sells each year to maintain revenue while it waits for property tax payments, its largest source of revenue.

Continue reading.

Bloomberg Markets

By Shruti Singh

October 10, 2025

Takeaways by Bloomberg AI

• Brightline West is in talks with bondholders about exchanging $2.5 billion of municipal debt for new securities before a November deadline to complete a financing plan for the project.
• The price tag for building the railroad has swelled to $21.5 billion, a 35% increase compared with prior estimates, due to rising labor and material costs.
• Bond prices have declined to about 75 cents on the dollar from about 87 cents since the higher cost estimate and federal loan application were reported, driven by the upcoming deadline to arrange alternative capital structures.

The Fortress Investment Group-backed company building a high-speed passenger railroad between Southern California and Las Vegas is in talks with bondholders about exchanging $2.5 billion of municipal debt for new securities before a November deadline to complete a financing plan for the project, according to people familiar with the matter.

Continue reading.

Bloomberg Markets

By Martin Z Braun

October 9, 2025

Next week Chicago Mayor Brandon Johnson will reveal a new city budget that accounts for a potential loss of federal funds. The city is already facing a $1.15 billion deficit for 2026.

Bloomberg News Reporter Shruti Singh speaks with Scarlet Fu on “Bloomberg Markets” for today’s Muni Moment.

Watch video.

Bloomberg MarketsTV Shows – Muni Moment

October 9th, 2025, 12:59 PM PDT

Virginia’s ‘AAA’ Long-Term IDR reflects substantial fiscal resources and careful management. The ‘AA+’ rating on VPSA school financing bonds is based on budgetary appropriations by the Virginia general assembly.

Access Report

Wed 08 Oct, 2025 – 3:23 PM ET

The ‘AAA’ rating incorporates the city’s ‘aaa’ financial resilience assessment given a ‘High Midrange’ level of budgetary flexibility and Fitch’s expectation that general fund unrestricted reserves will be maintained at or above 10% of spending and transfers out, with audited fiscal 2024 reserves equivalent to 50% of general fund spending.

Access Report

Wed 08 Oct, 2025 – 5:39 PM ET

The series 2025D bonds are expected to price via negotiation the week of Oct 13. Fitch rates Indiana Finance Authority’s State Revolving Loan Fund Bonds ‘AAA’; Outlook Stable.

Access Report

Thu 09 Oct, 2025 – 9:21 AM ET

The Milwaukee Metropolitan Sewerage District’s ‘AAA’ bond rating reflects its very strong financial profile and revenue defensibility. Despite a $10 million damage from extreme rainfall, the district’s liquidity position mitigates material credit concerns.

Access Report

Thu 09 Oct, 2025 – 2:23 PM ET

The Orange County Sanitation District has been rated ‘AAA’ with a stable outlook by Fitch Ratings. The district’s leverage is projected to remain exceptionally low, with a peak of -0.1x over the next five years.

Access Report

Thu 09 Oct, 2025 – 3:16 PM ET

The Texas Transportation Commission is seeking to raise $1.77 billion through municipal bonds to fund state highway projects, while also refunding outstanding debt.

The General Obligation Mobility Fund and Refunding Bonds, Series 2025, will finance the construction, acquisition and expansion of state highway and public transportation projects, according to a preliminary statement published Thursday on MuniOs. The bonds are part of the state’s Mobility Fund financing program.

The tax-exempt bonds mature between 2026 and 2044. Coupons and yields are yet to be set.

The bonds are backed by revenues deposited in the Mobility Fund on a first-lien basis. The Mobility Fund’s dedicated revenues totaled $528.8 million in fiscal 2024, derived primarily from driver license, vehicle inspection and certificate of title fees.

Pricing is preliminarily set for Oct. 21, with closing on Nov. 6.

The offering have been rated AAA by Fitch and Aaa by Moody’s.

Loop Capital Markets and Jefferies are leading underwriters.

Provided by Dow Jones Oct 9, 2025, 12:50:00 PM

By Paulo Trevisani

Write to Paulo Trevisani at paulo.trevisani@wsj.com

(END) Dow Jones Newswires

October 09, 2025 15:50 ET (19:50 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

The ‘BBB-‘ rating reflects Utah Infrastructure Agency, UT’s (UIA) high nonconsolidated leverage, which excludes non-recourse debt issued on behalf of certain municipalities in Utah, of 9.1x and 8.3x (unaudited) in FY 2024 and FY 2025, respectively. Fitch Ratings expects that implemented price increases will support higher funds available for debt service (FADS) and further deleveraging, with nonconsolidated leverage, including the issuance of the series 2025 bonds, to trend below 8.0x after FY 2027 even in its stressed rating case scenario.

Access Report

Fri 03 Oct, 2025 – 3:49 PM ET

The ‘AA+’ rating on the bonds is backed by the State of Ohio’s lease-appropriation pledge and is one notch below the state’s ‘AAA’ Issuer Default Rating (IDR). This reflects the slightly higher degree of optionality associated with the payment of annual appropriation debt.

Access Report

Wed 01 Oct, 2025 – 4:47 PM ET

View the S&P Brief.

02-Oct-2025 | 10:17 EDT

Takeaways by Bloomberg AI

• The price tag for building a private high-speed passenger railroad from Southern California to Las Vegas has swelled by nearly 35% to $21.5 billion.
• Brightline West is seeking a $6 billion loan from the US Department of Transportation to help cover the increased cost, which will replace a $6 billion bank facility in the company’s original financing plan.
• The company plans to raise equity to cover most of the $5.5 billion increase in construction costs, and may also line up a smaller bank facility to round out its financing plan.

The price tag for building a private high-speed passenger railroad from Southern California to Las Vegas has swelled by nearly 35%.

Brightline West’s 218-mile (351 kilometer) railroad will now cost $21.5 billion, according to the US Department of Transportation’s website, which lists the company as a loan applicant. The initial projection was $16 billion. The higher cost has led the Fortress Investment Group-backed company to seek a $6 billion loan from the Trump administration, according to the site.

Continue reading.

Bloomberg CityLab

By Martin Z Braun

October 1, 2025

Read the S&P Second Party Opinion

Sep 29, 2025

California’s fiscal 2026 budget aims to close the structural gap while maintaining spending priorities. Revenue growth is expected to slow, with fiscal 2025 revenues increasing 12.4% year over year to $221.8 billion.

Access Report

Thu 25 Sep, 2025 – 2:44 PM ET

The bonds are expected to price on Oct 1, 2025 via negotiated sale. Fitch expects leverage to trend between 6.5x and 7.5x over the next five years.

Access Report

Fri 26 Sep, 2025 – 11:10 AM ET

Takeaways by Bloomberg AI

• A Bay Area private school is borrowing $26 million in muni bonds to modernize the historic mansion that stands as the centerpiece of the campus.
• The school plans to use proceeds from the sale to help pay for the nearly $50 million makeover of the mansion, which will include adding a modernized robotics workshop and physics lab.
• The debt carries an A rating from S&P Global Ratings and will supplement fundraising for the project, with the school having the option of repaying $18 million of the bonds in 2030 with fundraising receipts.

A Bay Area private school is borrowing $26 million in muni bonds to modernize the historic mansion that stands as the picturesque centerpiece of the campus.

Continue reading.

Bloomberg Wealth

By Erin Hudson

September 26, 2025

San Francisco’s fiscal 2024 ended with an $84 million operating deficit on $2.56 billion of spending, resulting in a fund balance of about 38% of spending. The city’s ‘AAA’ rating reflects strong financial resilience, but the outlook remains negative due to reliance on nonrecurring revenues to close budget gaps.

Access Report

Mon 22 Sep, 2025 – 11:11 AM ET

Texas’ ‘AAA’ rating reflects its strong economy and fiscal flexibility. The 2026-2027 budget forecasts $176.4 billion in revenue, with significant investments in education and infrastructure.

Access Report

Mon 22 Sep, 2025 – 1:10 PM ET

San Diego’s fiscal 2026 budget is balanced, including $2.2 billion in revenue and $115 million in cost savings. Projected budget gaps starting in fiscal 2027 will require ongoing active budget management.

Access Report

Mon 22 Sep, 2025 – 2:34 PM ET

Takeaways by Bloomberg AI

• Chicago is lending cash to its underfunded pensions to avoid asset sales due to delayed property tax collections caused by a computer issue.
• The city has sent $28 million to the Firemen’s Annuity & Benefit Fund of Chicago and is monitoring the monthly cash needs of all four pensions.
• The delay in property tax collections is due to a glitch in Cook County’s new computer system, which has delayed hundreds of millions of dollars in property tax earmarked for the pension funds.

Chicago is stepping in to lend cash to its underfunded pensions so they have enough money to avoid asset sales to cover retirement checks as they wait for property taxes to come in after a computer issue delayed collections.

The city’s decision helps lessen the risk that its four pensions would need to sell assets from their portfolios, which include stocks, bonds, real estate and private equity, to raise cash after a glitch in setting up a new county computer system is delaying hundreds of millions of dollars in property tax earmarked for the funds.

Continue reading.

Bloomberg Politics

By Shruti Singh

September 16, 2025

Takeaways by Bloomberg AI

• Investors are demanding higher premiums to buy Chicago muni bonds as Mayor Brandon Johnson tries to close a deficit that tops $1 billion for the year ahead.
• Spreads on several tax-exempt Chicago bonds have widened recently, with the spread above benchmark muni securities jumping to 1.54 percentage points on Thursday.
• Chicago faces “a serious budget crisis” and tough choices between cuts and ways to raise revenue, according to a financial task force commissioned by the mayor.

Continue reading.

Bloomberg Markets

By Shruti Singh

September 19, 2025

Wisconsin municipalities are holding the line on borrowing, even as rising property values expand their capacity to take on more debt.

Data from the Wisconsin Policy Forum’s 2025 MuniTool shows that general obligation (G.O.) debt across all cities and villages grew just 2.9% in 2023, the smallest annual increase in the past decade.

That modest rise pushed total G.O. debt statewide to $8.8 billion, but most individual municipalities did not contribute to the increase. In fact, only 33.7% of cities and villages reported taking on more debt last year, while the majority held steady or reduced their liabilities. The trend reflects what researchers describe as cautious fiscal management despite rising construction costs, infrastructure demands, and inflation-driven budget pressure.

Compounding the trend is a decline in Wisconsin’s overall municipal debt burden relative to state-imposed limits. The state restricts how much debt a municipality can carry by tying the cap to a percentage of total equalized property value. In 2023, municipalities were using just 32.2% of their total allowable debt, down from 35.2% in 2022. A decade ago, that figure was above 40%.

Continue reading.

milwaukeeindependent.com

Posted by Insights | Sep 15, 2025

Read the S&P Report.

10-Sep-2025 | 12:09 EDT

The MTA’s fiscal outlook remains stable following state action in 2024 to increase the authority’s payroll mobility tax. The operating budget is balanced in 2025 and 2026, with manageable gaps ranging from $345 million to $428 million through 2029.

Access Report

Thu 11 Sep, 2025 – 11:47 AM ET

The series 2025 lease revenue bonds for LSU will price on or about Sept. 16, 2025. Fitch affirms LSU’s IDR at ‘AA-‘, with a Stable Outlook and rates the new bonds ‘A’.

Access Report

Fri 12 Sep, 2025 – 2:49 PM ET

The Florida Department of Transportation Financing Corporation’s revenue bonds, series 2025A, are rated ‘AA+’ with a Stable Rating Outlook. The bonds are backed by service contract payments from the state transportation trust fund (STTF), which totaled $8.5 billion in fiscal 2025.

Access Report

Tue 16 Sep, 2025 – 12:10 PM ET

Fitch Ratings – San Francisco – 12 Sep 2025: Fitch Ratings has assigned a ‘AAA’ rating to the following state of Minnesota general obligation (GO) state bonds:

–$550.415 million GO state various purpose bonds, series 2025A;

–$294.915 million GO state trunk highway bonds, series 2025B;

–$25.600 million GO taxable state various purpose bonds, series 2025C;

–$236.195 million GO state various purpose refunding bonds, series 2025D;

–$158.690 million GO state trunk highway refunding bonds, series 2025E.

Fitch has also affirmed the ratings assigned to the following state of Minnesota bonds and programs:

–Minnesota’s Issuer Default Rating (IDR) at ‘AAA’;

–State GO bonds at ‘AAA’;

–State general fund appropriation bonds at ‘AA+’;

–Certificates of participation, series 2014 (legislative office facility project) at ‘AA+’;

— St. Paul Port Authority (State of Minnesota Office Building) lease revenue bonds at ‘AA+’;

–The ‘AA+’ rating assigned to the Minnesota School District Credit Enhancement Program.

The Rating Outlook is Stable.

Takeaways by Bloomberg AI

• A father and son were sentenced to years in prison for misleading firms about the prospects of an Arizona sports complex backed by $280 million in municipal bonds.
• The pair pleaded guilty to using fabricated documents to claim their Legacy Park development had deals with professional sports organizations.
• Randy Miller was given six years behind bars and his son, Chad Miller, was given five years, with both agreeing to forfeit millions of dollars as part of their plea deal.

Continue reading.

Bloomberg Markets

By Chris Dolmetsch

September 9, 2025

A high-yield municipal bond transaction to fund the purchase of businesses related to a casino in upstate New York has been delayed again.

The unrated $561 million deal, managed by KeyBanc Capital Markets, was initially expected to price Aug. 27, but the transaction was postponed to hire legal counsel to advise investors on the transaction. The pricing was then moved to Sept. 11.

Now, KeyBank has “extended the timeline for the sale of the bonds to allow additional time to answer questions and educate investors about the credit,” a spokesperson for the firm said. The underwriter has seen “significant interest from the market in the offering,” the spokesperson said.

Continue reading.

Bloomberg Markets

By Erin Hudson and Aashna Shah

September 15, 2025

Takeaways by Bloomberg AI

• Chicago’s junk-rated public school district sold $650 million in bonds for capital projects, including roof repairs and technology upgrades.
• The sale comes as the high-yield market for state and local debt turns positive, with returns for the high-yield muni market improving and bonds rallying on expectations that the Federal Reserve will cut rates.
• The district faces fiscal challenges, including a $734 million deficit and expectations of more shortfalls in the coming years, as it shifts to a fully-elected board and the city seeks to reduce its financial support.

Continue reading.

Bloomberg CityLab

By Shruti Singh

September 11, 2025

Takeaways by Bloomberg AI

• Chicago’s junk-rated public school district sold $650 million in bonds for capital projects, including roof repairs and technology upgrades.
• The sale comes as the high-yield market for state and local debt turns positive, with returns for the high-yield muni market improving and bonds rallying on expectations that the Federal Reserve will cut rates.
• The district faces fiscal challenges, including a $734 million deficit and expectations of more shortfalls in the coming years, as it shifts to a fully-elected board and the city seeks to reduce its financial support.

Chicago’s junk-rated public school district returned to the municipal bond market after a two-year hiatus, with its sale coming as the high-yield market for state and local debt turns positive.

Continue reading.

Bloomberg CityLab

By Shruti Singh

September 11, 2025

Overview

Texas municipal utility districts (MUDs) demonstrated continued stability, as favorable property tax base growth, well-defined debt issuance oversight, and rapid population growth statewide supported improved direct debt metrics and high reserves. Texas MUDs have exhibited stable ratings performance despite economic and event cycles such as the Great Recession, Hurricane Harvey, and the pandemic–which supports our view of a stable outlook despite growing uncertainty with current economic conditions (see “Economic Outlook U.S. Q3 2025: Policy Uncertainty Limits Growth,” June 24, 2025). We think Texas benefits from economic growth that outpaces that of the nation, which will likely contribute to ratings stability over time.

S&P Global Ratings maintains general obligation ratings on 320 Texas MUDs. Currently, about 17% of the ratings are in the ‘BBB’ category, 72% are in the ‘A’ category, and 11% are in the ‘AA’ category. From January 2024 through August 2025, there were 20 upgrades (15 in 2024 and five from January 2025 through August 2025), a trend that continued despite substantial rating movement in 2023, when 145 MUD ratings were raised due to robust economic and tax base growth. There were no downgrades in 2024 or in 2025 so far. The continued upward rating movement is reflective of strong property tax base growth, stable finances, and moderating debt burdens as the MUDs continue to reach mature development status.

As Texas MUDs become largely or fully developed and their additional capital needs decrease, direct debt requirements and tax rates decline. MUDs typically exhibit strong credit fundamentals, including favorable tax base growth and maintenance of high reserves, usually above 100% of annual expenses, in operating and debt service funds, providing flexibility to cash-fund ongoing maintenance of infrastructure, particularly during periods when interest rates are high, as is currently the case.

Continue reading.

09-Sep-2025 | 17:10 EDT

The Texas Water Development Board’s SWIRFT program received an ‘AAA’ rating from Fitch, reflecting strong financial structure and default tolerance. The program’s cash flow model indicates it can handle defaults up to 45.5%, ensuring bond payments remain uninterrupted.

Access Report

Wed 10 Sep, 2025 – 5:03 PM ET

Houston’s Public Improvement Bonds’ ‘AA’ rating reflects strong financial resilience, with general fund reserves expected to remain above 15% of spending. The Negative Outlook reflects ongoing fiscal pressures and the potential for diminished available general fund reserves as it seeks new revenue sources to fund its recently approved firefighter salary hikes through fiscal 2029.

Access Report

Fri 12 Sep, 2025 – 12:30 PM ET

Texas’s ‘AAA’ rating reflects its strong economy and fiscal flexibility, supported by substantial reserves. The Texas Water Development Board’s $809 million GO bonds are rated ‘AAA’ with a Stable Rating Outlook.

Access Report

Fri 12 Sep, 2025 – 4:32 PM ET

Overview

Texas municipal utility districts (MUDs) demonstrated continued stability, as favorable property tax base growth, well-defined debt issuance oversight, and rapid population growth statewide supported improved direct debt metrics and high reserves. Texas MUDs have exhibited stable ratings performance despite economic and event cycles such as the Great Recession, Hurricane Harvey, and the pandemic–which supports our view of a stable outlook despite growing uncertainty with current economic conditions (see “Economic Outlook U.S. Q3 2025: Policy Uncertainty Limits Growth,” June 24, 2025). We think Texas benefits from economic growth that outpaces that of the nation, which will likely contribute to ratings stability over time.

S&P Global Ratings maintains general obligation ratings on 320 Texas MUDs. Currently, about 17% of the ratings are in the ‘BBB’ category, 72% are in the ‘A’ category, and 11% are in the ‘AA’ category. From January 2024 through August 2025, there were 20 upgrades (15 in 2024 and five from January 2025 through August 2025), a trend that continued despite substantial rating movement in 2023, when 145 MUD ratings were raised due to robust economic and tax base growth. There were no downgrades in 2024 or in 2025 so far. The continued upward rating movement is reflective of strong property tax base growth, stable finances, and moderating debt burdens as the MUDs continue to reach mature development status.

As Texas MUDs become largely or fully developed and their additional capital needs decrease, direct debt requirements and tax rates decline. MUDs typically exhibit strong credit fundamentals, including favorable tax base growth and maintenance of high reserves, usually above 100% of annual expenses, in operating and debt service funds, providing flexibility to cash-fund ongoing maintenance of infrastructure, particularly during periods when interest rates are high, as is currently the case.

Continue reading.

09-Sep-2025 | 17:10 EDT

Philadelphia’s financial resilience has improved since receiving federal pandemic aid in fiscal 2022. However, the financial plan assumes deficits from fiscal 2025 through 2029, potentially unwinding these improvements.

Access Report

Tue 09 Sep, 2025 – 5:36 PM ET

Just two states in the nation have been unable to pass some form of a budget for the 2025-26 fiscal year – and now, they’re staring down significant consequences if their respective legislative bodies fail to act soon.

Pennsylvania has entered its third month without a new budget, while Michigan is just weeks away from a potential shutdown. Meanwhile, lawmakers in other states have figured out their spending plans – or contingencies. North Carolina, for example, has passed a “mini-budget” bill that prevents disruptions in state operations.

Aside from their current budget woes, the Rust Belt states mirror each other in some unique ways. Both are helmed by Democratic governors with presidential ambitions and national profiles to match in Josh Shapiro and Gretchen Whitmer. They are considered battleground states with recently redrawn legislative districts generally regarded as fairer – and that resulted in split legislatures, two of three nationally. Transportation funding has emerged as the sticking point in the disparate budget negotiations, for very different reasons.

Continue reading.

michiganadvance.com

By: Emily Previti and Ben Solis
–
September 8, 2025

The State of Ohio’s fiscal 2025 general revenue fund (GRF) revenues exceeded estimates by $1.2 billion, following a $1.0 billion shortfall in fiscal 2024. The state’s ‘AAA’ Long-Term Issuer Default Rating reflects high financial resilience, robust fiscal reserves and superior budget management.

Access Report

Fri 05 Sep, 2025

Pitched as a boon to small towns, the biodigester financed $41.5 Million via the town of Gillett, promising jobs and future tax revenue.

Zahn’s Farms LLC, an approximately 11,500-head dairy operation in Gillett, Wisconsin, is the site of WI RNG Hub North, a manure methane digester project funded using $41.5 million worth of tax-exempt municipal bonds financed by the town. On June 1, the project, developed and run by Aerogy LLC, missed their $1.7 million principal payment, raising questions about the fate of the project and its impact on Gillett.

Methane digesters, like the one at Zahn’s Farms, are frequently pitched as climate-smart solutions to one of the biggest environmental critiques of animal farming: the emissions and pollution caused by manure. According to the non-profit World Resources Institute, manure from cows and pigs constitutes one percent of total U.S. greenhouse gas emissions. Biodigesters are a technology for processing the manure by allowing microbes to break down the organic material. The result is biogas, a mix of primarily methane and carbon dioxide, that is touted by the booming biogas industry as renewable energy.

Continue reading.

sentientmedia.org

by Nina B. Elkadi

August 27, 2025

Chicago Public Schools’ outstanding debt is roughly the same size as its annual budget: almost $10 billion. The district owes more per student than it spends per pupil in many of its schools.

Its massive obligations appear even more sobering compared with other cities.

Among the 25 largest school districts by student enrollment, CPS has the third-most outstanding debt, according to a Chalkbeat analysis of U.S. Census Bureau data for fiscal year 2023, the most recent available. That data shows CPS owes more than $28,000 per student, up from roughly $17,000 in 2013.

Continue reading.

chalkbeat.org

By Mila Koumpilova | August 26, 2025, 2:34pm PDT

Takeaways by Bloomberg AI

• Chicago’s junk-rated public school district intends to sell an undisclosed amount of bonds for capital projects.
• The district is considering the issuance of general obligation, tax-exempt bonds the week of Sept. 9, but may change the financing plan based upon market conditions.
• The budget includes more than $600 million in new debt to pay for capital projects and to reimburse the district for past infrastructure spending.

Continue reading.

Bloomberg Markets

By Shruti Singh

September 2, 2025

Takeaways by Bloomberg AI

The Chicago Board of Education approved a $10.25 billion budget that makes a pension payment to the city contingent on additional state and local money.
The budget cuts costs at the central office, expects a greater surplus from the city’s economic development funds, and taps into a $25 million donation given by MacKenzie Scott.
The board voted 12 to seven to approve the spending plan, which is designed to close a $734 million deficit for the fiscal year that started July 1.

Continue reading.

Bloomberg Business

By Shruti Singh

August 29, 2025

Takeaways by Bloomberg AI

• Chicago Public Schools’ Chief Financial Officer Miroslava Mejia Krug argues that more borrowing is a bad idea for the district.
• Krug says including an additional $200 million loan in the budget will result in an immediate hit to the District’s credit rating and increase the cost of borrowing.
• The district is trying to close a $734 million budget hole, while the city is facing a roughly $1 billion hole, and the board of education is scheduled to vote on a budget.

Continue reading.

Bloomberg Markets

By Shruti Singh

August 27, 2025

Takeaways by Bloomberg AI

• A local economic development agency in upstate New York plans to borrow $561 million of high-yield debt to buy part of a struggling casino resort in the Catskills.
• The purchase will put the resort on firmer financial footing, allowing it to retain jobs and consider future developments, according to Meghan Taylor, a spokesperson for the resort.
• The new bonds are unrated and backed by revenues from the non-gaming parts of the resort, with warnings outlined in the bond documents including the possibility of bankruptcy and liquidity issues for the debt in the secondary market.

Continue reading.

Bloomberg Markets

By Erin Hudson and Aashna Shah

August 25, 2025

A high-yield municipal bond transaction that would fund the purchase of businesses related to a casino in upstate New York has been delayed, people familiar with the matter said.

The unrated deal, managed by KeyBanc Capital Markets, was expected to price on Aug. 27, according to investor roadshow documents. The transaction has been postponed for the hiring of legal counsel to advise investors in the transaction, said the people, who were not authorized to speak publicly because the matter is private. The move is known in the market as the hiring of purchaser’s counsel.

Proceeds of the sale are expected to fund the purchase of the non-gaming businesses at Genting Group’s Resorts World Catskills in Sullivan County, New York. The bonds are issued by the Sullivan County Resort Facilities Local Development Corp., a not-for-profit organization created under New York’s economic-development law.

Continue reading.

Bloomberg Markets

By Erin Hudson and Aashna Shah

August 26, 2025

Takeaways by Bloomberg AI

• San Francisco Bay Area Transit District is selling $930 million of bonds to improve infrastructure and refinance outstanding debt.
• The proceeds from the sale are intended to help fund a $3.5 billion system renewal project that includes 90 miles of track upgrades and control system replacements.
• BART is looking for fresh funding sources, including a ballot measure in 2026 that would impose a new local sales tax, as it faces a projected annual budget deficit of $400 million.

One of California’s largest public transit systems is tapping the municipal bond market as it contends with a looming fiscal cliff created by dwindling federal aid and ridership that’s stuck at about half its pre-pandemic level.

San Francisco Bay Area Transit District is selling $930 million of bonds to improve infrastructure and refinance outstanding debt, according to bond documents on MuniOS. The deal is set to price for retail investors on Tuesday.

Continue reading.

Bloomberg Markets

By Maxwell Adler and Sri Taylor

August 26, 2025

Overview

– BART’s $930M 2025 bond sale highlights municipal market risks amid fiscal strain, declining ridership, and expiring federal aid.

– Moody’s downgraded BART from Aaa to Aa1, exposing gaps between credit ratings and operational risks like political uncertainty and revenue volatility.

– Investors face a dispersed market: high-rated bonds offer tax advantages but require deeper scrutiny of liquidity, debt coverage, and contingency plans.

– Strategic diversification, active management, and fiscal policy monitoring are critical as municipalities navigate post-pandemic fiscal headwinds.

Continue reading.

ainvest.com

by Clyde Morgan

Tuesday, Aug 26, 2025 2:40 pm ET

Takeaways by Bloomberg AI

• A struggling college in New York City is planning to sell its Manhattan campus to The City University of New York, providing a reprieve for its bondholders.
• CUNY intends to purchase the real estate for $40 million, with proceeds of the sale to be used to redeem a portion of Metropolitan College’s outstanding bonds and pay past debt service.
• The sale still needs approval from entities including Metropolitan College bondholders and the school’s accreditor, according to a regulatory filing.

A struggling college in New York City is planning to sell its Manhattan campus to The City University of New York, providing a reprieve for its bondholders.

CUNY intends to purchase the real estate located in the Financial District from the Metropolitan College of New York for $40 million, according to a regulatory filing dated Aug. 26.

Continue reading.

Bloomberg

By Amanda Albright and Elizabeth Rembert

August 27, 2025

Fitch Ratings – New York – 28 Aug 2025: Fitch Ratings has assigned ‘AAA’ ratings to the following state of Texas general obligation (GO) bonds to be issued by and on behalf of the Texas Water Development Board (TWDB):

–$491.53 million water financial assistance bonds, series 2025E;

–$317.065 million water financial assistance bonds, taxable series 2025F.

The bonds are expected to be sold via negotiation on Sept. 25, 2025. Proceeds will finance water conservation and infrastructure projects.

The Rating Outlook is Stable.

Continue reading.

Takeaways by Bloomberg AI

• The debt-cutting plan for Puerto Rico’s power utility is at risk of falling apart after investors including BlackRock Financial Management threatened to pull out of the deal.
• The Trump administration’s move to fire nearly all of the board that oversees the island’s finances may lead to a new board that is more favorable to creditors, rather than seeking the best outcome for the commonwealth.
• The investor group will end its support for the financial oversight board’s existing restructuring plan unless it is confirmed by a bankruptcy court by Oct. 1, according to a filing.

Continue reading.

Bloomberg Markets

By Michelle Kaske

August 26, 2025

The district’s leverage was exceptionally low at 4.0x in fiscal 2024 and is projected to peak at 5.6x in fiscal 2026. The district’s financial profile remains very strong, with rates unchanged since fiscal 2020 and planned capital needs funded on a pay-go basis.

Access Report

Thu 28 Aug, 2025 – 12:02 PM ET

Fitch Ratings-New York/San Francisco-29 August 2025: Fitch Ratings does not currently anticipate any immediate effect on the state of Nevada’s credit ratings from a recent cyberattack that continues to disrupt state operations, given the state’s strong fiscal position and prudent management practices including a pre-existing cyber incident response plan. Nevada has been experiencing a ransomware-based cybersecurity attack since Sunday, August 24. However, with many details pending, Fitch will monitor the situation for material financial or operational developments.

Nevada’s IT staff detected unusual activity on its network late Sunday night, which it later confirmed as a cyber breach. The attack, suspected to be a ransomware attack, has had a widespread effect on state operations. Upon detecting the breach, state officials immediately activated their established cybersecurity incident response plan, including containing the threat by isolating systems and taking them offline.

Many state offices have been closed since Sunday and systems remain offline. However, some agencies are beginning to resume operations to continue providing some service and benefits. The state notes that some data has been accessed and moved outside of the state’s network but details on the type of data at risk are still being analyzed. Based on other entities’ experience with cyber incidents, full resolution may take weeks.

Nevada’s ‘AA+’ Issuer Default Rating (IDR) and GO rating reflect the state’s well-managed and low liability position, strong revenue and expenditure frameworks, and historically responsive financial practices, as well as its success in managing rapid population growth and development. The Rating Outlook is Stable. Fitch anticipates Nevada will maintain financial resilience in the face of costs arising from the cyberattack.

Cyberattacks that cause system outages may disrupt operations, potentially challenging liquidity and resilience. Additionally, cyber breaches where information is stolen can elevate cost and litigation risk. Fitch currently views Nevada as well-positioned to mitigate these risks, though details of the extent of the cyber incident are still being investigated. Nevada is working with internal and external experts, as well as the appropriate federal authorities, to resolve the issue.

The cyberattack against Nevada highlights historic increases in the number, severity and frequency of cyber assaults for public sector issuers, as well as the increasing sophistication of threat actors. In rare cases, cyberattacks have led to downgrades for U.S. Public Finance issuers, often when those issuers were already facing fiscal or management challenges.

OMPA plans to add 124 MW of generating capacity over the next five years to meet higher reserve requirements. Fitch Ratings expects disciplined rate adjustments to keep coverage ratios above 1.2x and moderate leverage below 10x.

Access Report

Fri 29 Aug, 2025 – 2:27 PM ET

Willkie represented the commodities business of JPMorgan Chase & Co. in its first municipal bond commodity prepayment transaction using a special purpose vehicle – Pierpont Energy Prepay 1.

The transaction involved the issuance of $700 million of municipal bonds by The Black Belt Energy Gas District, the proceeds of which were used by Black Belt to prepay Pierpont Energy Prepay 1 for the delivery of natural gas over a 30 year period. The gas delivered to Black Belt is then sold to the Louisiana Community Development Utility Commission, which in turn sells the gas to BASF Intertrade Corporation.

In connection with its delivery obligation over the 30 year period, Pierpont Energy entered into a natural gas swap with BP Energy Company, a funding agreement with National Western Life Insurance Company, and a natural gas purchase, sale and service agreement with J.P. Morgan Ventures Energy Corporation. The municipal bonds were assigned a rating of A- by S&P. The transaction priced and closed in July.

The Willkie team was led by partner John R. Thomas and associate Kara Ryczek.

August 27, 2025

Fitch Ratings – Austin – 27 Aug 2025: Fitch Ratings has assigned an ‘A’ rating to Oklahoma Municipal Power Authority’s (OMPA) $328.1 million Power Supply System Revenue and Refunding Bonds, Series 2025A.

Proceeds of series 2025A and the anticipated issuance of Power Supply System Revenue Bonds Series 2026A will fund capital expenditures including new generating capacity, finance the refunding and purchase of certain outstanding debt maturities for debt service savings and refinance an outstanding line of credit balance. The bonds are expected to price on Sep. 16, 2025.

Fitch has also affirmed OMPA’s Long-Term Issuer Default Rating (IDR) and $438.8 million outstanding power supply system revenue bonds (series 2014B, 2016A, 2019A, 2021A and 2021B) at ‘A’.

Fitch does not rate the authority’s $70 million of outstanding series 2010B revenue bonds.

The Rating Outlook is Stable.

Continue reading.

Takeaways by Bloomberg AI

• The University of California pulled its planned $1.5 billion municipal-bond sale due to the standoff between the Trump administration and the University of California at Los Angeles.
• The bond sale was expected to fund various projects at the university’s 10 campuses and six academic health centers, according to Fitch Ratings.
• The Trump administration is seeking a $1 billion settlement from UCLA to restore its frozen research funding, which was suspended over allegations of antisemitism and bias on campus.

Continue reading.

Bloomberg Markets

By Danielle Moran, Maxwell Adler, and Elizabeth Rembert

August 21, 2025

Fitch Ratings – New York – 19 Aug 2025: Fitch Ratings has withdrawn the ‘A+’ rating on the following bonds as they did not sell.

— Louisiana Local Government Environmental Facilities and Community Development Authority (LA) (LCTCS ACT 360 PROJECT) revenue refunding bonds (taxable) ser 2020A. Previous rating: ‘A+’/Stable Outlook.

For other ratings on outstanding debt of this entity, please visit www.fitchratings.com.

Fitch has withdrawn the ratings as the bonds were cancelled.

Continue reading.

Takeaways by Bloomberg AI

• A delay in local property-tax bills is exacerbating Chicago Public Schools’ cash crunch, leading the district to rely more on short-term borrowing.
• The district plans to seek authorization to issue $1.25 billion in tax-anticipation notes to handle expenses, according to budget documents.
• The district’s treasurer, Wally Stock, said the district may need to use the notes to handle payroll 80% of the time this fiscal year, and that it has “no wiggle room” and “no rainy-day funds”.

Continue reading.

Bloomberg CityLab

By Shruti Singh

August 18, 2025

The Negative Outlook on the IDR, sales tax bonds and TIFIA loan reflects ongoing financial pressures associated with a looming fiscal cliff. Resolution of the Negative Outlook is dependent on either ridership materially increasing or the state legislative authority allowing the district to seek voter authorization for a new revenue source to fund operations.

Access Report

Fri 22 Aug, 2025 – 3:43 PM ET

AUSTIN, Texas, August 19, 2025 — (BUSINESS WIRE)–States and local governments face increasing pressure to make public-facing documents accessible, but must do so at scale, with limited budgets and internal resources. Colorado municipalities are now turning to PREP, Continual Engine’s AI-powered platform, to bridge that gap.

Continual Engine, a leader in AI-powered digital accessibility solutions, has announced a collaboration with municipalities across Colorado to streamline document accessibility compliance. Through this partnership, Continual Engine’s platform, PREP (PDF & Document Remediation Platform), is helping local governments to remediate public-facing documents more efficiently and cost-effectively, supporting compliance with Colorado’s HB 24-1454 and broader accessibility standards such as the ADA, Section 508, WCAG, updated Title II regulations, and more.

Continue reading.

 

Takeaways by Bloomberg AI

• The University of California pulled its planned $1.5 billion municipal-bond sale due to the standoff between the Trump administration and the University of California at Los Angeles.
• The bond sale was expected to fund various projects at the university’s 10 campuses and six academic health centers, according to Fitch Ratings.
• The Trump administration is seeking a $1 billion settlement from UCLA to restore its frozen research funding, which was suspended over allegations of antisemitism and bias on campus.

Continue reading.

Bloomberg Markets

By Danielle Moran, Maxwell Adler, and Elizabeth Rembert

August 21, 2025

The Public Lighting Authority of Detroit’s ‘A-’ revenue bond rating reflects solid resilience to economic downturns. Revenue growth is expected to be stagnant or below inflation upon normalization of recent trends.

Access Report

Fri 22 Aug, 2025

The ‘AA-‘ and ‘A’ ratings on PTC’s oil franchise tax senior and subordinate lien revenue bonds reflect Fitch’s expectations for declining long-term pledged revenue growth prospects due to the commonwealth’s declining trend in fuel consumption. Following the current sale, Fitch expects debt service coverage to be modestly above the ABT for both liens, but declines in pledged revenue over time may gradually reduce coverage.

Access Report

Fri 15 Aug, 2025 – 9:39 AM ET

Children’s Health System of Texas was downgraded to ‘AA–’ from ‘AA’ on Aug. 1, 2025, with a Stable Rating Outlook. The organization has invested heavily in expanding care, including a new $5.2 billion pediatric campus in partnership with UT Southwestern.

Access Report

Mon 11 Aug, 2025 – 4:03 PM ET

The New York City Transitional Finance Authority’s $1.36 billion Building Aid Revenue Bonds are rated ‘AA’ with a Stable Rating Outlook. The bonds are supported by state building aid appropriations, ensuring minimal appropriation risk due to strong state support for education.

Access Report

Mon 18 Aug, 2025 – 12:27 PM ET

Home periodical article Florida Municipal Power Agency Closes $208 Million Bond Transaction

Florida Municipal Power Agency has closed on the sale of $208,830,000 in municipal bonds for its All-Requirements Project (ARP) to finance capital projects, refinance existing project debt and tender a portion of Series 2016A Bonds, FMPA said on Aug. 13.

The sale netted nearly $13.1 million in gross savings.

The ARP, FMPA’s largest power supply project, provides all the wholesale power needs of 13 Florida municipal electric utilities including Bushnell, Clewiston, Fort Meade, Fort Pierce, Green Cove Springs, Havana, Jacksonville Beach, Key West, Kissimmee, Leesburg, Newberry, Ocala and Starke. The savings will reduce future power costs for these cities.

The savings begin at approximately $0.4 million in 2025, steadily rising to $3.2 million in 2029 and 2030 and peaking at $4.4 million in 2031. The final maturity date for the refunding bonds is the same as the original issues being refunded, with new money proceeds maturing in 2034 and 2035.

“Our team is dedicated to identifying and analyzing the best opportunities for savings for our ARP members, so they can best serve their residents and customers,” said Rich Popp, FMPA’s chief financial officer. “This tender transaction speaks to the team’s dynamic thinking and is strategic to our mission of providing affordable and reliable power to the members we serve.”

The bonds received strong credit ratings of AA- from Fitch Ratings and A2 from Moody’s Investors Service. Both rating agencies cited the All-Requirements Project’s very strong financial profile, prudent financial management, and well-maintained and diverse portfolio of generating assets.

FMPA’s All-Requirements rates have decreased over 20% since 2022, and for FY 2025, they will be the second lowest inflation-adjusted energy costs to ARP Members in FMPA’s history.

The bonds’ lead underwriter was JP Morgan in a negotiated sale.

publicpower.org

by Paul Ciampoli

August 14, 2025

On 1 August 2025, the Illinois Appellate Court for the Third Circuit struck down a local ordinance purporting to ban construction of a wind farm as outside the village’s statutory authority and contrary to Illinois public policy. Following up on a state law prohibiting county level bans on renewable resource facilities, this decision will significantly clarify the authority of towns and villages to regulate the construction of wind and solar farms. For developers of renewable resource facilities, this decision will provide an important guidepost when dealing with units of local government.

Hickory Winds, LLC (Hickory) planned to build a large wind farm in LaSalle County, Illinois. Several of the turbines were located on land within 1.5 miles of the boundaries of the Village of Cedar Point (Cedar Point), which were within the village’s jurisdiction for zoning purposes. In response to the plans, Cedar Point adopted an ordinance prohibiting the construction of wind energy conversion structures or wind turbines, which would provide more than 120% of the electrical demand on the parcel on which they were constructed. To make the intent of its ordinance crystal clear, Cedar Point’s ordinance incorporated a recital stating “it was to be in the best interests of the Village and its citizens, to prohibit wind farms, wind energy conversion systems or electric-generating wind devices” within Cedar Point’s jurisdiction. Hickory sued Cedar Point but lost on summary judgment in the trial court.

In Hickory Winds, LLC v. Village of Cedar Point et al, the appellate court reversed the trial court and affirmed the summary judgment in favor of Hickory. The Court held that Cedar Point was a nonhome rule unit of government, meaning its powers were controlled by statute, and that the legislature expressly granted Cedar Point the power to regulate wind energy conversion systems within its jurisdiction. However, the Court emphasized that “regulation and prohibition are not the same thing.” The Court held that the ordinance was a prohibition because the ordinance prohibited all wind farms, wind energy conversion systems, and electric-generating devices; and cited Illinois zoning law to hold that the power to regulate a legal use did not include the power to prohibit that use.

In addition, the Court noted Cedar Point’s ordinance undermined the strong Illinois policy in favor of developing renewable resources and reducing carbon emissions, citing both the legislature’s declaration to rapidly transition to 100% clean energy by 2050 and the legislature’s statement that it is necessary to improve the process for procuring electricity to serve Illinois residents. As a result, Cedar Point’s ordinance was held to be an invalid exercise of its regulatory authority.

The Court’s decision clearly requires local municipalities to exercise their zoning authority thoughtfully with respect to renewable-resource facilities. An Illinois law setting out requirements for counties to consider in exercising their zoning authority could provide useful guidance in evaluating municipal zoning decisions and procedures. Since the law in question did not apply to local units of government such as towns and villages, it was not directly relevant to all other units of government, but the decision still evidences both the state’s commitment to the construction of renewable resources and the need for local municipalities to exercise caution when regulating renewable resource facilities through statutorily given authority. They must keep in mind the Court’s direction that regulation is not the same thing as prohibition.

K&L Gates LLP – David L. Rieser and Petr Bartos

August 13 2025

Los Angeles County’s ‘AAA’ Long-Term Issuer Default Rating reflects its strong financial resilience, maintaining reserves above 15% of spending. The county plans to use reserves and budgetary savings to finance a $4 billion legal settlement over five years starting in fiscal 2026.

Access Report

Fri 15 Aug, 2025 – 12:56 PM ET

The University of Chicago’s ‘AA+’ rating reflects its exceptional demand profile and excellent fundraising track record. Despite ongoing macro headwinds, management improvement initiatives resulted in gains in FY 2025, although operating deficits persist.

Access Report

Tue 12 Aug, 2025 – 10:53 AM ET

Aime Summary

– Chicago’s 2025 municipal bond ratings are split among agencies, with Moody’s at Baa3 (positive) and S&P at BBB, highlighting fiscal uncertainty.

– Political instability and failed policies, including a rejected tax hike, eroded trust and raised borrowing costs post-S&P downgrade.

– Despite falling homicides, crime perception gaps and unresolved pension disputes persist, complicating budget stability and investor confidence.

– Investors face a dilemma: balancing Chicago’s innovation-driven growth potential against structural risks like underfunded pensions and political fragmentation.

– Strategic advice emphasizes diversification, monitoring fiscal reforms, and assessing federal policy shifts that could amplify borrowing costs.

Continue reading.

ainvest.com

by Wesley Park

Saturday, Aug 16, 2025 7:36 pm ET

The Los Angeles County Public Works Financing Authority plans to sell $826.3 million of municipal bonds to help pay for new construction that is related Phase 2 of the Harbor-UCLA Medical Center in Torrance, Calif.

The Lease Revenue Bonds Series J are special obligations of the authority and are backed lease revenue pledged under a 2015 master sublease, according to documents posted on MuniOS.

Retail investors interested in buying the bonds can place their order on Aug. 19. Institutional pricing is scheduled for Aug. 20, and closing is set for Sept. 10.

The authority will offer serial and term bonds that mature starting later this year through 2054. Interest payments will made starting on Dec. 1 and again on June 1.

Proceeds will be used to help pay for construction of a 346-bed, 465,000 square-foot inpatient tower facility for Harbor-UCLA, according to the roadshow document. The facility will also have 36 psychiatric beds, a psychiatric emergency room and a rooftop helistop.

Los Angeles County owns and operates the Harbor-UCLA Medical Center, a public teaching hospital and general acute-care facility. Once completed it will help to provide services to more than 700,000 residents in the southwestern part of the county, and act as teaching hospital for the David Geffen School of Medicine at UCLA.

S&P Global Ratings and Fitch Ratings both assigned the bonds a rating of “AA+.”

BofA Securities and Ramirez & Co. are senior managers on the sale.

By Adam L. Cataldo

Write to Adam L. Cataldo at adam.cataldo@wsj.com

(END) Dow Jones Newswires

August 14, 2025 18:58 ET (22:58 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

Takeaways by Bloomberg AI

• Tom Doe, founder of Municipal Market Analytics, is taking a step back from his career analyzing the state and local-government debt market.
• Doe has transitioned ownership to Timothy Holler and Matt Fabian, but will remain involved in the firm, according to a note to clients.
• Doe plans to spend his time researching the late Bud Collins, a tennis commentator and journalist, with the goal of turning that into a book or exhibit, he said in an interview.

Tom Doe, founder of research firm Municipal Market Analytics, is taking a step back from his decades-long career analyzing the state and local-government debt market.

Doe founded what is now known as Municipal Market Analytics in 1995, and the firm has become known for its research on market trends, risky sectors and distress in the asset class. Its clients include investment firms, banks, security dealers and financial advisers, its website says.

Doe has transitioned ownership to Timothy Holler and Matt Fabian, he said in a note to clients on Friday. He will remain involved in the firm.

Continue reading.

Bloomberg Industries

By Erin Hudson

August 18, 2025

Takeaways by Bloomberg AI

• The University of California is prepping a $1.5 billion municipal bond sale to foot the bill for various projects at its campuses and academic health centers, according to Fitch Ratings Inc.
• Fitch assigned the debt an AA rating, pointing to record-breaking enrollment numbers and a vast research enterprise, and analysts expect UC’s operating performance will remain healthy.
• Fitch analysts said UC’s plans to expand its clinical enterprise will boost exposure to Medi-Cal, but also increase capacity for unmet demand, and they expect UC’s operating performance to remain healthy despite near-term pressures.

Continue reading.

Bloomberg Markets

By Elizabeth Rembert

August 12, 2025

Atlanta is proposing a $1 billion municipal-bond borrowing to help finance infrastructure improvements at the Hartsfield-Jackson Atlanta International Airport, the busiest hub in the world.

The city plans to issue about $970 million of bonds subject to the alternative-minimum tax, and roughly roughly $50 million of non-AMT bonds, according to an Aug. 8 securities filing outlining the borrowing plans. Atlanta is also considering designating one or more series of the issue as “green bonds,” the filing states.

Proceeds raised in the offering will finance capital improvements at the airport and fund deposits to reserve accounts and construction funds, according to the filing. The airport — dubbed ATL — is in the midst of a capital-improvement plan to modernize and expand its terminals and concourses.

Continue reading.

Bloomberg Industries

By Aashna Shah

August 11, 2025

Overview

S&P Global Ratings assigned its ‘AA-‘ long-term rating to the Anaheim Housing and Public Improvement Authority, Calif.’s anticipated $90.9 million series 2025-A revenue bonds and $113.47 million series 2025-B revenue refunding bonds, issued for the City of Anaheim’s electric utility (doing business as Anaheim Public Utilities or APU).

At the same time, S&P Global Ratings affirmed its rating on the utility’s parity senior-lien (working) obligations outstanding, issued by APU, the Anaheim Public Financing Authority, the California Municipal Finance Authority, and the Southern California Public Power Authority’s (SCPPA) Canyon Power Project, of which APU is the sole participant.

The outlook is stable.

Continue reading.

12-Aug-2025 | 15:10 EDT

The series 2025A bonds are expected to sell the week of August 11 via negotiation. Fitch Ratings expects leverage to range between 8.5x and 9.0x in upcoming years.

Access Report

Fri 08 Aug, 2025 – 2:03 PM ET

Overview

• S&P Global Ratings assigned its ‘AA+’ long-term rating to the City of Midlothian, Texas’ approximately $19.0 million series 2025 general obligation (GO) bonds, $15.5 million series 2025 combination tax and revenue certificates of obligation (COs), and $7.6 million series 2025 tax notes.
• At the same time, we affirmed our ‘AA+’ rating on the city’s existing GO and CO debt.
• The outlook is stable.
• The ratings reflect the application of our “Methodology For Rating U.S. Governments,” Sept. 9, 2024.

Continue reading.

12-Aug-2025 | 15:09 EDT

Children’s Health System of Texas was downgraded to ‘AA–’ from ‘AA’ on Aug. 1, 2025, with a Stable Rating Outlook. The organization has invested heavily in expanding care, including a new $5.2 billion pediatric campus in partnership with UT Southwestern.

Access Report

Mon 11 Aug, 2025 – 4:03 PM ET

The ‘AA–’ consolidated fund revenue bond rating reflects Fitch Ratings’ expectation that pledged revenue will grow in line with inflation and that maximum annual debt service (MADS) coverage will remain resilient to pledged revenue declines. Net working capital has been maintained above 50% of spending since at least fiscal 2020 and was equal to 95% of spending in fiscal 2024.

Access Report

Tue 12 Aug, 2025 – 2:10 PM ET

Takeaways by Bloomberg AI

• The White House fired five of the seven board members of the federal watchdog that oversees Puerto Rico’s finances.
• The Financial Oversight and Management Board for Puerto Rico said it “will continue to work to fulfill the mandate of PROMESA and in the interest of the people of Puerto Rico” after the terminations.
• Representative Nydia Velazquez said the move “simply creates an opening to stack the Board with even more extreme, pro-bondholder appointees who will continue to put the needs of hedge funds over the Puerto Rican people”.

Continue reading.

Bloomberg Politics

By Jim Wyss, Skylar Woodhouse, and Michelle Kaske

August 5, 2025

Takeaways by Bloomberg AI

• Laura Loomer has gained a following on X while attacking various targets, including the board that oversees Puerto Rico’s finances, which she claims has incurred costly proceedings, including about $2 billion on lawyers and advisers.
• The Trump administration fired five members of the board, a move that threatens to complicate efforts to resolve $10 billion of debt owed by Puerto Rico’s power utility, according to the text.
• Congresswoman Nydia Velazquez said that the president’s action “simply creates an opening to stack the Board with even more extreme, pro-bondholder appointees who will continue to put the needs of hedge funds over the Puerto Rican people,” she said in a statement.

Continue reading.

Bloomberg Politics

By Michelle Kaske, Jim Wyss, and Skylar Woodhouse

August 6, 2025

Takeaways by Bloomberg AI

• Wes Edens’ New Fortress Energy Inc. is in dire straits due to debt and a battle with Puerto Rico’s oversight board over a $20 billion deal to supply liquefied natural gas.
• The White House’s firing of most of the oversight board members may benefit New Fortress, as the new appointees could be more accepting of the company’s plan, according to Luis Raul Torres, a former Puerto Rico House member.
• Resolving the Puerto Rico situation could potentially improve New Fortress’ cash flow issues, said Talon Custer, an energy infrastructure analyst for Bloomberg Intelligence.

Continue reading.

Bloomberg Wealth

By Ruth Liao, Jim Wyss, and Dylan Sloan

August 7, 2025

Takeaways by Bloomberg AI

• Colorado Skies Academy, an aviation-themed charter school, has closed two years after selling unrated municipal bonds.
• The school struggled to boost enrollment, with about 100 students enrolled in the most recent school year, despite having capacity for 375 students.
• Local school district officials had concerns about the school’s “academic, financial, governance, and operational performance” when it sold bonds, according to bond documents.

Colorado Skies Academy, an aviation-themed charter school located outside of Denver, has abruptly closed two years after selling unrated municipal bonds.

The school, which trained middle schoolers in aviation aerospace science, struggled to boost enrollment. After selling $12 million of bonds in 2023 to refinance outstanding debt, board members voted on July 25 to close the school.

Continue reading.

Bloomberg Markets

By Amanda Albright

August 11, 2025

At a time when public leaders are being asked to do more with less, the ability to make every dollar go further is no longer optional, it’s essential. Especially in light of mounting fiscal shifts, proactive liquidity management is more critical than ever.

It’s no secret that the future of interest rates is once again a topic of nationwide conversation. With evolving leadership dynamics and mixed economic signals, speculation is swirling about the direction of monetary policy. While some brace for potential rate cuts, others prepare for further shifts in liquidity and inflation strategies.

But for public sector leaders, the real question isn’t what the Fed might do next; it’s whether your entity is ready to respond, no matter what happens.

That’s where cashVest by three+one stands apart.

From its inception, cashVest was built on the belief that you don’t have to predict the market to succeed in it. Instead of reacting to economic shifts, cashVest empowers public entities to plan, adapt, and optimize their resources with clarity and discipline.

Here’s why that matters right now:

Federal support is shrinking, and local responsibilities are growing. A recent report from the National Association of Counties (NACo) highlights an alarming trend: counties are facing nearly $1 trillion in increased costs over the next decade due to cuts in federal programs like Medicaid and SNAP, as well as key grant eliminations. As responsibilities shift to the local level, the financial burden is growing heavier.

You can read the full report here: The Big Shift – NACo

When rates move (up or down), timing is everything.

Waiting to act means leaving money on the table. cashVest users have the data and strategic foresight to adjust their cash positioning immediately, ensuring every available dollar is working harder for them.

Data makes the difference.

Entities using cashVest earn and save over 30% more on average than those without a data-driven liquidity strategy. That’s because they’re not just managing their funds, they’re leveraging them as strategic assets.

Market cycles are inevitable. Being caught off guard shouldn’t be.

Whether it’s rising borrowing costs, flattening yields, or the shift of federal obligations to local governments, cashVest helps public finance teams stay one step ahead without adding burden to staff or sacrificing services.

It’s not about high or low rates. It’s all about smart decisions.

Some of the strongest cashVest results have occurred during periods of declining interest rates. The reason? Users were empowered with the data and tools to optimize timing, improve bank partnerships, and unlock new earnings even when benchmarks dipped.

At a time when public leaders are being asked to do more with less, the ability to make every dollar go further is no longer optional, it’s essential. Especially in light of mounting fiscal shifts, proactive liquidity management has never been more critical.

cashVest doesn’t just prepare you for what’s coming. It ensures you’re always in a position to act with confidence and clarity.

No guesswork. No gambling. Just smarter financial stewardship.

from cashVest

August 07, 2025

Takeaways by Bloomberg AI

• New York state’s cumulative three-year budget gap has swelled to $34 billion, according to Comptroller Thomas DiNapoli.
• The shortfall is driven by spending growth in Medicaid and education, and cuts to safety-net programs from President Donald Trump’s budget and spending bill, DiNapoli said.
• DiNapoli said the relationship between the federal government and the states is being restructured, and state governments will be facing drastic reductions in federal aid that could force difficult decisions about state revenue and spending priorities.

Continue reading.

Bloomberg CityLab

By Martin Z Braun and Laura Nahmias

August 8, 2025

Takeaways

– New York’s $34B budget deficit raises concerns over state-backed debt risks despite AA credit ratings.

– The 2025-26 budget allocates $254B, with 60% for Medicaid/education, while federal funding cuts threaten $10.1B in support.

– Municipal bond markets underprice structural risks, with narrow yield spreads and uncertain tax policy expiration by 2027.

– Resilient sectors like healthcare, education, and climate projects offer undervalued opportunities amid fiscal uncertainty.

– Investors should prioritize short-duration bonds, sector diversification, and credit derivatives to hedge against potential downgrades.

Continue reading.

ainvest.com

by Henry Rivers

Friday, Aug 8, 2025 1:26 pm ET

The City of New York (the “City”) announced the successful sale of approximately $1.8 billion of General Obligation bonds, comprised of $1.53 billion of tax-exempt fixed rate bonds and $256 million of taxable fixed rate bonds. Proceeds from the sale will be used to fund capital projects and refund certain outstanding bonds for savings.

The refunding portion of the transaction achieves approximately $35 million in total debt service savings, primarily spread evenly across Fiscal Years 2026 through 2029.

For the tax-exempt bonds, the City received approximately $280 million of orders during the retail order period and $3.6 billion of priority orders during the institutional order period, which in total represents 2.5x the bonds offered for sale.

Final yields on the tax-exempt bonds ranged from 2.42% in 2027 to 4.95% in 2053.

Additionally, the City received total indications of interest of approximately $356 million for the taxable bonds, representing 1.4x the amount offered for sale.

Final yields on the taxable bonds were 4.06% in 2026 and 3.93% in 2027.

The bonds were underwritten through a syndicate led by led by book-running lead manager BofA Securities, with Jefferies, Ramirez & Co., Inc., RBC Capital Markets, and Siebert Williams Shank serving as co-senior managers.

August 7, 2025

Takeaways by Bloomberg AI

• Municipal investors are demanding a bigger premium on the debt of Chicago’s junk-rated school district, which must close a $734 million deficit before the end of the month.
• The spreads on Chicago Board of Education bonds are wider relative to the first quarter, with the spread on debt due in 2047 jumping to 1.72 percentage points over benchmark munis.
• Dennis Derby, a portfolio manager for Allspring Global Investments, said the district’s budget struggles and Chicago’s own deficits are contributing to the weakness, and that his company will be reviewing the budget to see what the district has planned.

Municipal investors are starting to demand a bigger premium on the debt of Chicago’s junk-rated, cash-strapped school district, which must figure out how to close a $734 million deficit before the end of this month.

The spreads on several of the most actively traded Chicago Board of Education bonds are as much as a third of a percentage point wider relative to the first quarter, according to trading data compiled by Bloomberg.

Continue reading.

Bloomberg CityLab

By Shruti Singh

August 7, 2025

Takeaways by Bloomberg AI

• S&P Global Ratings warns that a new law aimed at raising pension benefits for some Chicago police and firefighters risks further straining the city’s finances.
• The new law is expected to add more than $11.6 billion to Chicago’s long-term net pension liability, according to city estimates cited by S&P.
• S&P analysts state that the prognosis for Chicago’s long-term fiscal health has weakened, and that substantial budget-balancing measures will be integral to the city’s credit stability.

Continue reading.

Bloomberg Markets

By Shruti Singh

August 5, 2025

The University of Chicago’s ‘AA+’ rating reflects its exceptional demand profile and excellent fundraising track record. Despite ongoing macro headwinds, management improvement initiatives resulted in gains in FY 2025, although operating deficits persist.

Access Report

Tue 12 Aug, 2025 – 10:53 AM ET

The Maryland Stadium Authority’s $259 million lottery revenue bonds are rated ‘AA’ with a stable outlook. Fiscal 2024 pledged lottery revenues provide substantial coverage for debt service, even under stress scenarios.

Access Report

Fri 08 Aug, 2025 – 11:39 AM ET

Atlanta is proposing a $1 billion municipal-bond borrowing to help finance infrastructure improvements at the Hartsfield-Jackson Atlanta International Airport, the busiest hub in the world.

The city plans to issue about $970 million of bonds subject to the alternative-minimum tax, and roughly roughly $50 million of non-AMT bonds, according to an Aug. 8 securities filing outlining the borrowing plans. Atlanta is also considering designating one or more series of the issue as “green bonds,” the filing states.

Proceeds raised in the offering will finance capital improvements at the airport and fund deposits to reserve accounts and construction funds, according to the filing. The airport — dubbed ATL — is in the midst of a capital-improvement plan to modernize and expand its terminals and concourses.

Continue reading.

Bloomberg Industries

By Aashna Shah

August 11, 2025

Takeaways

• Brightline Train’s Florida is offering investors about a 15% tax-exempt yield to roll over $985 million of bonds.
• Buyers would get a 10% coupon and a premium on the next roll over date in June 2026, according to people familiar with the matter.
• Low ridership and lagging revenue projections have created financial hurdles for the rail project, causing S&P Global Ratings and Fitch Ratings to downgrade Brightline’s senior muni bonds.

Continue reading.

Bloomberg Industries

By Martin Z Braun and Reshmi Basu

August 8, 2025

Florida’s ‘AAA’ Long-Term IDR and full faith and credit ratings recognize the state’s history of sound financial management practices, high gap-closing capacity and reserves and low long-term liability burden. The state’s long-term economic and revenue growth prospects should be in line with or above national economic performance.

Access Report

Tue 05 Aug, 2025 – 10:57 AM ET

Denver City Council Approves Bond Proposal with Support

DENVER, CO — Mayor Mike Johnston was joined today by dozens of community members and members of Denver City Council to announce that the Vibrant Denver Bond package will appear on voters’ November 4, 2025, ballot. The bond package, which was crafted and refined multiple times through months of community engagement, will build or repair approximately 60 needed infrastructure projects around Denver. Local bond funds are how Denver delivers high-quality infrastructure for its residents — without raising taxes.

“The Vibrant Denver Bond is about delivering real results for Denverites, including safer streets, better parks and stronger neighborhoods,” said Mayor Mike Johnston. “Each project in this package reflects what Denver residents told us they want and need most. This is how we build a more vibrant, connected and inclusive city, together.”

“The Vibrant Denver Bond will deliver transformative improvements from the parks where our kids play to the streets we walk, bike, and drive, along with the safety upgrades that make our neighborhoods feel secure. These investments aren’t just for us but for the generations who will call Denver home long after we’re gone,” said City Council President Amanda P. Sandoval. “This bond reflects the voices of community, the parents, neighbors, and advocates who showed up and helped shape a vision for a stronger, safer, more connected Denver. We’re not just building for today we’re building for the next seven generations. And we’re doing it without raising taxes. That’s a powerful commitment to our shared future.”

Continue reading.

Published on August 05, 2025

CANTON – Jeff Goodwin, director of the state auditor’s compliance division, was congenial while describing to Canton officials how the office has taken $352,000 of the city’s revenue to pay for past-due audits – the first time Auditor Shad White has exercised this authority.

“I didn’t write the law. Auditor White didn’t write the law, but we’re charged with enforcing it,” Goodwin said at the Canton Board of Aldermen meeting Tuesday.

Canton is one of 68 local governments across Mississippi that received an auditor’s letter in March, putting officials on notice of their delinquent audits.

Continue reading.

News From the States

By Anna Wolfe

Aug 06, 2025 | 2:04 pm ET

The express lanes project along State Route 400 near Atlanta will reduce traffic, enhance safety, and improve connectivity.

WASHINGTON, D.C. – U.S. Transportation Secretary Sean P. Duffy today announced a loan of up to $3.89 billion from the Build America Bureau to a public-private partnership between the Georgia Department of Transportation (GDOT), the State Road and Tollway Authority (SRTA), and SR 400 Peach Partners, LLC (Peach Partners). The funding, made possible by the Transportation Infrastructure Finance and Innovation Act (TIFIA), is the largest loan approved to a single borrower to date.

“This loan is another investment in getting America building again,” said U.S. Transportation Secretary Sean P. Duffy. “Through the improved TIFIA program and innovative partnerships like the SR 400 project, we’re reducing taxpayer waste, accelerating construction timelines, and helping people get where they want to go safer.”

The State Route 400 Express Lanes Project will add new lanes in both directions along a 16-mile section from the Metropolitan Atlanta Rapid Transit Authority (MARTA) North Springs Station to one mile north of McFarland Parkway. While facilitating current MARTA and XPress bus connections, Peach Partners will also provide $75 million in future bus rapid transit (BRT) related improvements. MARTA will operate the future BRT system, which is expected to share the express lanes for approximately 12 miles.

“This partnership is a perfect example of how, when the public and private sectors work together, we can provide communities with the most effective and cost-efficient solutions while reducing the need for public funding,” said Build America Bureau Executive Director Morteza Farajian, Ph.D. “Georgia’s innovative approach has allowed them to leverage our low-interest financing with the developer’s investments to provide more benefits for the Atlanta community through this project and other projects that will be funded because of this project. A win for everyone that would not be otherwise possible.”

The project calls for Peach Partners to provide a $3.8 billion concession fee to GDOT that can help fund other roadway projects as part of the public-private partnership agreement to design, build, finance, operate, and maintain the express lanes.

“Securing TIFIA federal credit assistance is an essential milestone for the SR 400 Express Lanes project,” said SR 400 Peach Partners CEO Javier Gutierrez. “Thanks to this loan, this critical project will become a reality, improving safety and mobility in the greater Atlanta metro area for generations to come.”

“We are excited to celebrate Georgia being home to the largest public-private partnership in USDOT history,” said Georgia Governor Brian Kemp. “As the No. 1 state for business, Georgia’s logistics and transportation network is a major selling point to job creators, and this approved financing will both boost our competitive edge and make it easier for hardworking Georgians to commute. Thank you to the Trump administration and Secretary Duffy for their support of this vital project.”

Additional Information:

The USDOT previously allocated up to $3.4 billion in Private Activity Bonds to this project, bringing the total investment to approximately $7.5 billion.

The project is expected to reduce delays by over 19,000 hours each day, or about 15 minutes per traveler, due to less idling and traffic congestion. It will also enhance public safety through the construction of new bridges and other safety improvements, the replacement or widening of several existing bridges, and will reduce traffic incidents by an estimated eight percent. This project will offer travelers new choices. The new express lanes will be tolled using dynamic congestion pricing to manage demand and maintain reliable trip times, while current lanes will remain free.

###

The Build America Bureau accelerates investment in transportation infrastructure by lending Federal funds to qualified public and private borrowers; clearing roadblocks for creditworthy projects; providing technical assistance services and grants to build local and regional capacity and implement best practices and innovative solutions in project planning, funding and financing, delivery, and operations. The Bureau draws on expertise across DOT to serve as the point of coordination for states, municipalities, private partners, and other project sponsors seeking Federal financing.

Tuesday, August 5, 2025

The Florida Local Government Finance Commission will sell $333.5 million of debt to help finance construction and development of a new continuing care retirement community in Duval County.

The Senior Living Revenue Bond offering consists of approximately $173.5 million of Series 2025 A bonds, $16 million of Series 2025B-1, $22.3 million in Series 2025B-2 bonds and $115 million in Series 2025B-3 bonds, which are all tax-exempt. The Commission is also issuing $6.7 million in Series 2025C bonds that are taxable, according to the preliminary limited offering memorandum posted Monday on MuniOS.

Dates of pricing and delivery for the securities wasn’t provided. Interest on the bonds will be payable starting on Nov. 15 and on May 15.

Proceeds of the bonds will be loaned to Ponte Vedra Pine Company and be used for the construction, development, and equipping of a new continuing care retirement community called Fleet Landing at Nocatee.

The securities are limited obligations of the commission, and are backed by payments from Ponte Vedra under a loan agreement between the two entities. Ponte Vedra will make payments with revenue it collects from entrance fees, monthly service fees, rentals and insurance proceeds.

Fleet Landing at Nocatee development will consist of an independent living tower, independent living flats, an assisted living/memory care building and a performing arts center on a 37-acre site.

The bonds will be sold without a rating, according to the memorandum.

B.C. Ziegler and Company is the underwriter.

Provided by Dow Jones Aug 5, 2025, 10:27:00 AM

By Patrick Sheridan

Write to Patrick Sheridan at patrick.sheridan@wsj.com

(END) Dow Jones Newswires

August 05, 2025 13:27 ET (17:27 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

Overview

– The Port of Seattle issued a $761M bond to fund $5.9B in infrastructure upgrades, including Sea-Tac airport modernization and carbon reduction projects.

– AA- rated bonds (S&P/Fitch) leverage regional economic resilience, with Sea-Tac handling 26.3M passengers in 2024 and cargo volumes up 30% post-pandemic.

– Proceeds support 10% emissions cuts by 2030, aligning with $5.6B in regional infrastructure investments and ESG-focused capital flows.

– Structured across three series, the bond offers diversified risk mitigation and tax advantages, positioning as a strategic entry point for infrastructure portfolios.

Continue reading.

aiinvest.com

by Victor Hale

Monday, Jul 28, 2025 2:22 pm ET

The Florida Development Finance Corp. will remarket $985 million of municipal bonds for the Brightline Florida passenger rail expansion project.

The securities being offered are the Series 2025 A revenue bonds that were sold under a previous indenture, and have been redesiganted as Series 2025 B revenue bonds, according to a document posted on MuniOS.

Proceeds will be used to finance or refinance the project, and fund certain reserves related to the project and financing for the project. The bonds are special limited obligations, payable solely from and secured by a trust estate and collateral.

The securities are available for purchase only by qualified institutional investors, and reach their final maturity in 2057.

Interest on the Series 2025 B bonds is excluded from gross income for federal income taxation, and isn’t an item of tax preference for purposes of the alternative minimum tax imposed on individuals.

The Florida Development Finance Corp. is a state authorized issuer of industrial revenue bonds and does not receive state appropriations. It supports economic development by assisting for-profit and not-for-profit businesses with access to capital for project financing.

Brightline Holdings builds and operates high-speed passenger rail systems in the U.S., including the South Florida Commuter Rail Project and the Orlando-Tampa Project. It is primarily owned, indirectly, by funds managed by an affiliate of Fortress Investment group.

Morgan Stanley is the remarketing agent.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

July 30, 2025 12:32 ET (16:32 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

Fitch Ratings is signaling more bad news for Florida’s Brightline rail. Fitch has downgraded its senior secured tax-exempt bonds for the second time in three years. The company has cited low ridership as part of the reason for the downgrade. Bloomberg’s Martin Braun reports.

Watch video.

Bloomberg Markets – TV ShowsMuni Moment

August 1st, 2025, 10:48 AM PDT

The ‘AA+’ rating on Tallahassee’s capital bonds reflects low volatility of pledged revenues and strong resilience. The city’s financial resilience is driven by healthy reserves and the ability to adjust tax rates and expenditures.

Access Report

Wed 30 Jul, 2025 – 10:59 AM ET

Leverage increased to 11.6x in fiscal 2024 due to lower revenues and higher operating expenses. Fitch expects leverage to decline to 6.9x by fiscal 2029 with planned rate increases and modest sales rebound.

Access Report

Wed 30 Jul, 2025 – 4:48 PM ET

New York City’s ‘AA’ Long-Term Issuer Default Rating reflects strong budget monitoring and controls, supporting Fitch Ratings’ ‘aa’ financial resilience assessment. The fiscal 2026 budget is $115.9 billion, with reserves forecasted to remain at $8.5 billion.

Access Report

Fri 01 Aug, 2025 – 12:49 PM ET

Takeaways:

• S&P Global Ratings warns that a new law aimed at raising pension benefits for some Chicago police and firefighters risks further straining the city’s finances.
• The new law is expected to add more than $11.6 billion to Chicago’s long-term net pension liability, according to city estimates cited by S&P.
• S&P analysts state that the prognosis for Chicago’s long-term fiscal health has weakened, and that substantial budget-balancing measures will be integral to the city’s credit stability.

A new law aimed at raising pension benefits for some Chicago police and firefighters risks further straining the city’s finances, according to S&P Global Ratings.

S&P’s warning, issued on Monday, comes nearly seven months after the firm cut the city’s credit rating by one notch to BBB with a stable outlook. The latest report, which did not include a rating or outlook change, follows new legislation that Illinois Governor JB Pritzker signed last week.

Continue reading.

Bloomberg Markets

By Shruti Singh

August 5, 2025

Takeaways

• A tax court judge cut the assessed value of New Jersey’s American Dream mega mall by $850 million, bringing the property’s valuation down about 50% this year.
• The reduction brings the property’s assessed value to about $1.65 billion for the current tax year, down from the Borough of East Rutherford’s assessment of $2.5 billion.
• American Dream will be on the hook for roughly $24 million in PILOTs annual to holders of the mall’s municipal debt, less than half of the $54.1 million in annual interest they’re owed.

A tax court judge cut the assessed value of New Jersey’s American Dream mega mall by $850 million on Thursday, the latest reduction that brings the property’s valuation down about 50% this year.

The reduction hands a win to the property’s owners who sought to lower payments tied to the valuation, but deals a blow to bondholders who own the roughly $800 million of debt backed by those payments, called payments in lieu of taxes, or PILOTs.

Continue reading.

Bloomberg Markets

By Martin Z Braun

August 1, 2025

Takeaways:

• The White House fired five of the seven board members of the federal watchdog that oversees Puerto Rico’s finances.
• The board has saved the island’s tax payers $55 billion in creditor payments over 40 years, but has come under fire from Trump confidant and far-right activist Laura Loomer.
• The oversight board is in a protracted fight to reduce the obligations of the Puerto Rico Electric Power Authority, or PREPA, from $10 billion to $2.6 billion.

The White House fired five of the seven board members of the federal watchdog that oversees Puerto Rico’s finances, inserting itself in the island’s high-stakes debt and contract negotiations.

Board Chairman Arthur Gonzalez, a former bankruptcy judge, Cameron McKenzie, Betty Rosa, Juan Sabater, and Luis Ubiñas were notified Friday they’ve been terminated, according to emails viewed by Bloomberg. Andrew Biggs and John Nixon weren’t included in the cull, which was first reported by Breitbart.

Continue reading.

Bloomberg Politics

By Jim Wyss, Skylar Woodhouse, and Michelle Kaske

August 5, 2025

Several candidates want to replace Mike Duggan, the only mayor the city has had since its financial crisis. Detroit’s next challenge, residents say, will be reviving forgotten neighborhoods.

The last time Detroit voters chose a new mayor, the local government was largely controlled by the state, the population was in free-fall and the city was careening through the largest municipal bankruptcy in American history.

A dozen years later, Detroit is functional again. Local control of City Hall was long ago restored, the city’s bond rating is on the upswing and the streetlights are back on. And after decades of hemorrhaging residents, the city has seen slight upticks in population in the last two years, according to Census Bureau estimates.

Now, with Mayor Mike Duggan not running for a fourth term, a large field of candidates wants to lead a changed Detroit, population 645,000. The candidates and their supporters broadly agree that Detroit is better off than it was, and that the city’s downtown and Midtown were transformed in the Duggan years. At stake now, residents say, is Detroit’s next chapter, and whether the renaissance in parts of the city will spread to still-struggling neighborhoods.

Continue reading.

The New York Times

By Mitch Smith

Aug. 4, 2025

Crowley Independent School District’s $247.8 million series 2025 unlimited tax bonds received a ‘AAA’ rating from Fitch due to the Texas Permanent School Fund bond guarantee program. The district’s underlying rating is ‘A+’, reflecting its financial resilience and demographic trends.

Access Report

Thu 31 Jul, 2025 – 4:29 PM ET