Ratings

A steep decline in school district reserves drove a two-notch downgrade and has drawn a subpoena from the Securities and Exchange Commission.

The county's recovery plan improved its structural balance and long-term liability profile, Fitch Ratings said in support of its two-notch rating boost.

Rating agencies affirmed Chicago's GOratings and the first report also out on the new junior lien Sales Tax Securitization Corp. credit.

Chicago Public Schools long climb back to investment grade continues

The Metropolitan Pier and Exposition Authority, restored to investment grade by S&P Global Ratings last year, plans to sell a total of $923 million.

The upgrade reflects the city's improved operating environment and structural financial improvement, the rating agency said.

Moody's Investors Service raised the outlook to positive from stable on Palomar Health's junk-rated revenue bonds and investment grade general obligation debt.

The action brings the state's issuer rating to Aa1, as well as upgrades to $1.5 billion in debt that is linked to the issuer rating.

Improved revenue growth prospects and strengthened financial resilience are the primary contributors to the outlook revision, the rating agency said.

Fitch Ratings upgraded the private institution in Biddeford, Maine, to A-plus from A-minus.