Bonds

Moody’s Investors Service Friday lifted Ohio’s issuer default and general obligation ratings to triple-A based on strong financial management and an economy that’s “poised for diversification and growth.” The state now boasts the coveted top issuer rating from Moody’s and Fitch Ratings, which upgraded it in September, 2022. S&P Global Ratings pegs the state one

Puerto Rico Electric Power Authority bondholder GoldenTree Asset Management and bond insurer Syncora Guarantee gave notice they will appeal several PREPA bankruptcy decisions. The appeal, announced Thursday, covers all “interlocutory orders merging into the final judgment,” issued by U.S. District Judge Laura Taylor Swain Tuesday for an adversary proceeding that the Oversight Board filed in

Municipals were firmer to close out the month, outperforming U.S. Treasury market losses Thursday, while the California Community Choice Financing Authority jumped into the primary with $1 billion-plus of clean energy revenue bonds, joining other issuers that moved up deals to take advantage of the strong market conditions. Municipals are poised to return well over

November issuance was up year-over-year for the third consecutive month as a muni market rally led to an acceleration and upsizing of deals. November’s total volume rose 7.8% to $28.464 billion in 652 issues from $26.415 billion in 678 issues a year earlier. However, issuance for the month is lower than the $31.949 billion 10-year

Municipals rallied hard in secondary trading as issuers benefited in the primary market, which saw another active day, including an upsized $2 billion pricing from New York Transportation Development Corp. and a competitive loan from high-grade Alexandria, Virginia, which saw yields come well through triple-A curves. U.S. Treasuries were firmer and equities ended mixed. Triple-A

Chicago is seeking a fresh pool of financial advisors ahead of a series of bond deals next year. It is the first comprehensive request for proposals related to the city’s bonds released under Mayor Brandon Johnson, who took office in May. An RFP seeking underwriters is also likely but no timing has yet been set,

After decades of underfunding, West Virginia dramatically closed its pension funding gap, according to a recent report from Pew Charitable Trust. The state, which had the poorest funding ratio in the entire nation in 2000, reduced its debt burden by 90% over the decades, marking one of the most impressive turnarounds amid a national trend

Declining enrollment and fiscal constraints were cited by Moody’s Investors Service in a one-notch downgrade of Issaquah School District 411 in King County, Washington. The school district’s outlook was also revised to stable from negative, according to Monday’s ratings report. The district has roughly $670 million of general obligation unlimited tax (GOULT) debt. The Moody’s

New York’s Metropolitan Transportation Authority faces potential budget gaps that could widen to nearly $900 million in 2026, according to the Citizens Budget Commission. The nonprofit think tank that analyzes state and city finances warns in a report released Monday that the MTA’s promised cost-saving measures may fall short and revenue from yet-to-be-built casinos could

The current municipal rally has led to an increase in tax loss harvesting as more investors leverage the strength and pre-holiday liquidity to consider repositioning their portfolios. This year has seen an increase in and an earlier start to tax loss harvesting after rapidly rising, and then subsequently falling, interest rates and stronger equity market

A delegation from Miami-Dade County, Florida, will visit Japan from Nov. 25 to Dec. 6 in a bid to deepen trade and commerce ties and establish business connections between the two regions. Miami-Dade County Mayor Daniella Levine Cava and Oliver Gilbert III, Chairman of the Board of County Commissioners, will lead a delegation from the

Wisconsin has released a request for qualifications from firms willing to serve as bond underwriters in either a senior manager or co-manager capacity. The state Capital Finance Office will set up pools of qualified investment banking firms, which it will use to designate underwriting syndicates effective through Dec. 31, 2026. Clarifications are due by noon

Former Sterlington, Louisiana, Mayor Vern Breland has, without admitting or denying the findings, agreed to pay a $35,000 civil penalty in addition to a permanent bar from future municipal securities offerings following his role in providing false projections to the Louisiana State Bond Commission in connection with two offerings worth $5.8 million, the Securities and

U.S. District Court Judge Laura Taylor Swain said she would hear a bondholder suit in the Puerto Rico Electric Power Authority case that Puerto Rico bondholders and Puerto Rico’s government argued should be assigned to a different judge. GoldenTree Asset Management and bond insurer Syncora Guarantee filed suit in the U.S. District Court for Puerto

An Oklahoma law prohibiting state and local government contracts with companies that “boycott” the fossil fuel industry is the target of a lawsuit, claiming the measure prevents public employee pension funds from performing their constitutional duty to operate for the exclusive benefit of their beneficiaries. The case filed in Oklahoma County District Court this week

A bankruptcy court recently ruled for the most part in favor of Chester, Pennsylvania, bondholders in an adversary proceeding filed by the city challenging liens on revenues for bonds issued in 2017 as part of a financial recovery plan for the city. Chester, which filed for bankruptcy in November 2022, has faced decades of financial

A firm tone and hearty appetite from investors was evident Wednesday as the municipal market prepared for a shortened week due to the Thanksgiving holiday. U.S. Treasuries were mixed and equities were better. The two-year muni-to-Treasury ratio Wednesday was at 63%, the three-year at 64%, the five-year at 65%, the 10-year at 67% and the

Citi’s municipal division appears to have been spared from initial reorganization efforts at the firm, according to market sources. Citigroup informed its employees Monday of an upcoming round of job cuts and managerial changes — the next large step in CEO Jane Fraser’s push to create a simpler, flatter company. Citi did not say how many positions

Municipals were firmer Tuesday as U.S. Treasury yields fell slightly, following the release of the Federal Open Market Committee meeting minutes that said officials will remain cautious about future interest rate hikes. Equities ended down. Muni triple-A yield curves were bumped two to six basis points Tuesday, depending on the curve, as municipals continued to

Fitch Ratings revised the outlook on the Greater Orlando Aviation Authority, Florida, to positive from stable. Fitch also affirmed the AA-minus rating on the GOAA’s $1.8 billion of outstanding senior lien airport facilities revenue bonds and the A-plus rating on $867 million of subordinate lien airport facilities revenue bonds. Fitch said its ratings reflect Orlando International Airport’s